A New Gilded Age: CEO Daily

Good morning. Are we in a new gilded age? That’s the question that Reuters asked yesterday, as the U.S. economic expansion officially became the longest in history. The story notes that Pink Floyd frontman David Gilmour recently sold his guitar collection for $21.4 million, including a single guitar that went for $4 million. Other interesting data points: —The cost of a dinner at French Laundry, the chic California restaurant, is now $325, up 35% from $240 a decade ago. —Tuition at Columbia University is now just under $60,000 per year, up 50% from 2008. —The S&P 500 has tripled in value over the decade. Inequality has grown over the decade, but Fed Chairman Jay Powell pointed out last week that a couple more years of a high pressure economy could help ensure more of the riches go to ordinary working people. “The benefits of this long recovery are now reaching these communities to a degree that has not been felt for many years,” Chairman Powell said. “Many people who in the past struggled to stay in the workforce are now getting an opportunity to add new and better chapters to their life stories. All of this underscores how important it is to sustain this expansion.” I’m still in Hong Kong, where the city is cleaning up from violent protests Monday night. More on that here

	Alan Murray
	@alansmurray
	alan.murray@fortune.com

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