A new Federal Reserve working paper found the record surge in illegal immigration during the Biden administration triggered higher home prices and rents.

The findings arrive as immigration remains a polarizing political issue. Republicans argue former President Joe Biden’s border policies strained housing and public resources, while Democrats say immigration helped ease labor shortages and supported economic growth.

THE KEY STRATEGY RED STATES ARE USING TO LOWER HOUSING COSTS REVEALED

A “for sale” sign is posted outside a single family home for sale on Aug. 22, 2025, in Pasadena, California. (Mario Tama/Getty Images)

The paper, published by the Federal Reserve Bank of Dallas, combines immigration court records with government administrative data to measure how the unprecedented wave of illegal immigration between 2021 and 2024 affected local labor and housing markets.

The authors caution the study is a preliminary draft circulated for professional comment and does not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System.

Researchers found the influx of illegal immigrants boosted employment with little measurable effect on wages but significantly increased housing demand.

ONE TYPE OF PROPERTY IS QUIETLY SAVING AMERICANS THOUSANDS OF DOLLARS

President Joe Biden walks along a stretch of the U.S.-Mexico border in El Paso, Texas, on Jan. 8, 2023. (AP Newsroom)

A 1% increase in unauthorized workers relative to a local labor force corresponded with roughly a 1% increase in overall employment, with no evidence the immigration surge reduced average wages. The same 1% increase, however, was associated with a roughly 2.2% rise in home prices and a 1.4% increase in rents. Researchers found little evidence that homebuilding expanded enough to meet the added demand, concluding the influx acted as a housing demand shock in markets where supply was already constrained.

The economists estimate unauthorized immigrant worker flows accounted for about 30% of employment growth, roughly 30% of home-price growth, and about 20% of rent growth in the average metropolitan area between March 2021 and March 2024. 

They stress these estimates apply to the average metro area studied and do not suggest immigration was the sole driver of rising housing costs nationwide.

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Contractors raise a framed wall in Folsom, California, on March 6, 2025. (David Paul Morris/Bloomberg via Getty Images)

The paper describes 2021 through 2024 as an “unprecedented boom” in illegal immigration. 

Citing Congressional Budget Office estimates, the authors said net unauthorized immigration added roughly 7 million people to the U.S. population before slowing sharply in mid-2024.

EasyJet has reached an agreement in principle with a US investment firm over a potential takeover offer worth around £5.2 billion.

The low-cost Luton-based airline had previously rejected four takeover offers from Castlelake, which owns a stake of about 2.14% in EasyJet through the funds it manages.

It said those offers had been worth £6.50, £5.60, £6 and £6.25 a share, and has previously accused Castlelake of trying to buy it “on the cheap”.

On Sunday EasyJet’s board of directors and Castlelake said they had reached an agreement in principle on a proposal put forward on 4 July, worth £6.90 per share.

This does not mean a deal has been confirmed. Castlelake now needs to get regulatory clearances and the approvals required for the transaction to go ahead.

One significant regulatory hurdle is that EasyJet is a European company, so by EU rules it needs to be 51% owned by a European company.

Castlelake is a US firm, although it has previously outlined how it would endeavour to comply with this rule.

It has until 17:00 BST on 3 August to either to announce a firm intention to make an offer or to say it does not intend to do so.

If an offer is made it would need to be put to a shareholder vote.

EasyJet’s board on Sunday said the financial terms of the proposed offer “are at a value that the Board would be minded to recommend to easyJet shareholders”, should a firm offer be made.

EasyJet is one of Europe’s largest airlines. It employs more than 19,000 people, and flies around 1,200 routes across 35 European countries.

It has previously said its share price had been “temporarily depressed” – partly due to the impact of the US-Israel war with Iran on the travel sector.

EasyJet shares closed on Friday at £5.58 each. Before news of the first bid emerged in June, EasyJet’s stock had fallen by more than 30% in the past year.

Castlelake has assets under management worth $36bn (£27.3bn).

Announcing the agreement in principle, EasyJet said Castlelake had “emphasised its tremendous respect for easyJet and its people, along with its intention to support its future growth and transformation to a stronger, more resilient European airline”.

Joseph and Alana Shir want to be homeowners. The question is, when is the right time to make that move?

The couple, both in their early 30s, have been living with Alana’s mother near Fort Lauderdale, Fla., for the past three years. They know they are fortunate, living in a nicer area than they could afford on one income.

Joseph Shir works as an analyst for the federal government, making about $112,000 a year. He also earns about $10,000 teaching a course online. Alana Shir is home full time with their 1-year-old daughter, Jessa. The couple hopes to have another child at some point.

EAST RUTHERFORD, N.J. — The most loaded round of 16 fixture of the 2026 World Cup kicks off Sunday afternoon at MetLife Stadium when five-time champion Brazil faces Norway in a match that features one of football’s most compelling individual duels, Vinícius Júnior against Erling Haaland, and the most discussed selection question of Brazil’s entire tournament: will Neymar finally get a meaningful opportunity to play?

Kickoff is set for 4 p.m. ET on Sunday, July 5, with the match available on Fox Sports and Telemundo in the United States. The winner advances to the quarterfinals in Miami on Saturday, July 11, where they will face the winner of Mexico versus England.

On the Neymar question, the answer based on all available reporting ahead of Sunday’s match is no, the 34-year-old Santos forward is not expected to start. Carlo Ancelotti, in his most direct comments on the topic, has left open the possibility that Neymar could feature as a substitute if Norway push Brazil into a difficult situation, but the prevailing expectation among analysts and journalists covering the tournament is that Ancelotti will persist with Endrick or Matheus Cunha in the more central attacking role ahead of Neymar, who has played only 14 minutes of competitive football at this World Cup, a cameo in Brazil’s 3-0 win over Scotland.

Ancelotti has been candid throughout the tournament about Neymar’s difficult situation. He acknowledged that Neymar isn’t happy about spending so much time on the bench, saying, “He’s not happy with the situation, but he’s behaving very well. He’s training extremely well.” The Brazil manager also praised Neymar’s professionalism and influence inside the dressing room. “He’s respectful, kind and loved by his teammates. He’s an important figure because of his quality and because he’s a humble person. I’m very happy with him.”

Ancelotti also acknowledged the obvious truth about Neymar’s desire without framing it as a problem. “Of course he wants to play, like he always has. He doesn’t come to me demanding minutes, but it’s very clear. That’s a positive thing. No player should be happy sitting on the bench,” the coach said.

The context around Neymar’s limited role is important. He was included in Brazil’s squad for a fourth World Cup despite ongoing fitness concerns and a career that, by his own admission in prior interviews, has been repeatedly interrupted by serious injury. Ancelotti reportedly made clear from the start that Neymar’s role would be conditional. During the video call in which Ancelotti informed Neymar of his selection, Neymar replied: “No problem. I’ll be one more member of the group, and I’ll help.” Ancelotti’s response was direct: “Will you help me? Helping also means staying on the bench.”

Whether Neymar can change that dynamic against Norway remains one of Sunday’s most closely watched subplot. Some critics argue Ancelotti has limited his own attacking options by selecting a half-fit Neymar over in-form alternatives such as João Pedro, but those decisions have already been made. The question now is whether the coach reaches for Neymar off the bench if Brazil need a creative spark against a Norwegian defense that has conceded seven goals in its four matches at this tournament, the joint-most among any team to have advanced to the round of 16.

Brazil’s path to Sunday has not been straightforward despite the talent at Ancelotti’s disposal. The Selecao required Gabriel Martinelli’s 95th-minute winner to see off Japan in the round of 32 in what was, according to Goal.com, the latest normal-time goal ever scored in a World Cup knockout match. That narrow escape underscored the concerns about Brazil’s midfield following Lucas Paquetá’s hamstring injury, which rules the playmaker out of Sunday’s match. Casemiro and Bruno Guimarães will need to contain Martin Ødegaard, Norway’s Arsenal captain, while simultaneously providing the platform for Vinícius Júnior to operate with the freedom his directness demands.

Vinícius has been Brazil’s most dangerous player throughout the tournament, scoring in each of the group stage matches and proving consistently difficult for opposing defenders to contain in one-on-one situations. The Real Madrid winger’s pace, dribbling and finishing make him the focal point of whatever Brazil does going forward, with Ancelotti’s game plan built significantly around giving him space and support to operate in transition.

The individual matchup on the other side of the pitch is equally compelling. Haaland enters Sunday with five tournament goals, having scored in each of Norway’s three group stage matches and adding the decisive late winner in the round of 32 victory over Ivory Coast. He has already become the first Norwegian player to score multiple goals in a single World Cup match and the first player since 1954 to score in each of his first three World Cup appearances. His partnership with Arsenal captain Ødegaard gives Norway a creative midfield outlet capable of finding him in the positions where he is most dangerous, high and wide of the defensive line or arriving late into the six-yard box.

Gabriel Magalhães will be assigned the task of limiting Haaland’s impact. The Arsenal center back and the Manchester City striker have developed one of the Premier League’s most competitive and physical individual rivalries over several seasons of title-race battles between their clubs, and each man has had the better of the other at different moments. Gabriel called Haaland the toughest opponent he faces, while analysts noted that if there is any center back who might be able to hold his own against Haaland, it is Gabriel.

The historical record adds additional intrigue. Brazil have played 88 different nations in their football history and beaten 87 of them. Norway is the only exception, with Brazil having never defeated them across four meetings, winning zero, drawing twice and losing twice, including a famous 2-1 defeat at the 1998 World Cup in France that remains one of the more celebrated upsets in the tournament’s modern era.

Ancelotti’s Brazil are the clear betting favorites given squad depth and pedigree, but the Norwegian history, Haaland’s scoring form and Brazil’s own failure to look convincing against Japan in the prior round mean this is far from a straightforward elimination fixture. The quarterfinal place that awaits the winner, a clash with either England or Mexico in Miami, provides additional motivation for a Brazil side chasing the country’s first World Cup title since 2002.

The Tourism Authority of Thailand hosted a reception for Bhutan’s delegation to enhance tourism ties. Focused on sustainable cooperation, they discussed tourism data exchange and joint marketing strategies to attract more visitors.

Key Points

• The Tourism Authority of Thailand hosted a reception on June 23, 2026, for a delegation from Bhutan to strengthen tourism relations under the “Two Kingdoms, One Destination” concept, guided by TAT Governor Thapanee Kiatphaibool.
• Key discussions included exchanging tourism data, sustainable tourism policies, travel connectivity, and joint marketing strategies, aiming to enhance the mutual potential for attracting visitors to both nations.
• The Bhutanese delegation explored the Jim Thompson House, experiencing Thai art and culture, which showcases Thailand’s identity. This partnership is expected to generate economic value and promote sustainable tourism growth between Thailand and Bhutan.

The Tourism Authority of Thailand hosted a reception for a high-level delegation from the Kingdom of Bhutan to strengthen bilateral tourism relations and promote sustainable cooperation under the “Two Kingdoms, One Destination” concept.

​On June 23, 2026, TAT Governor Thapanee Kiatphaibool and senior executives welcomed H.E. Lyonpo Namgyal Dorji, Minister of Industry, Commerce and Employment of Bhutan, alongside government representatives, in Bangkok.

​The reception builds on an existing memorandum of understanding and the close working relationship between the two nations. Discussions focused on exchanging tourism data, sharing policy perspectives on sustainable tourism development, enhancing travel connectivity, and advancing joint marketing strategies. These efforts aim to increase the long-term potential for attracting tourists to both countries.

​During the visit, the Bhutanese delegation toured the Jim Thompson House to experience Thai art and culture. The tour highlighted the history of Thai silk, traditional architecture, and cultural heritage, showcasing Thailand’s identity to the international community.

​This partnership marks a significant step in deepening ties between Thailand and Bhutan. The continued exchange of tourists is expected to generate mutual economic value and foster sustainable tourism growth for both nations.

Source : TAT Advances Thailand-Bhutan Tourism Ties Under Two Kingdoms, One Destination

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MEXICO CITY — For generations of football fans on both sides of the Atlantic, the Estadio Azteca carries an almost mythological resonance, the site of Diego Maradona’s Hand of God, the venue of Pelé’s 1970 masterclass, and the place where Mexico has not lost a World Cup match in the history of the tournament. On Sunday night, Harry Kane and Jude Bellingham will walk into that cauldron.

Kickoff is at 8 p.m. ET Sunday at the Azteca, with Fox Sports and Telemundo carrying the match in the United States. In the United Kingdom, the match begins at 1 a.m. Monday morning BST, meaning English pubs will be keeping fans watered well into the small hours. The winner advances to the quarterfinals in Miami on July 11, where they will meet the survivor of Brazil versus Norway.

The match sets up as one of the most compelling individual head-to-heads of the entire knockout stage. On one side, Kane and Bellingham have carried England’s campaign through a combination of individual brilliance and collective purpose that has papered over a roster with genuine defensive vulnerabilities, most notably exposed when Congo DR took a 1-0 lead before Kane’s dramatic two-goal comeback with 15 minutes remaining. On the other, Julián Quiñones and Raúl Jiménez have been electric for Mexico in front of a delirious home crowd, the pair combining for both goals in El Tri’s 2-0 defeat of Ecuador in the round of 32 that ended a 40-year wait for a World Cup knockout victory.

Wayne Rooney, speaking in media analysis coverage ahead of the fixture, was direct about his concerns over England’s defensive structure.

“For me there are big concerns. We are all delighted England have gone through but in particular when England lose the ball they are so open,” Rooney said, adding of the prospective Mexico challenge: “Against a better team I think we are in big trouble if we don’t sort that out.”

The altitude factor alone is sufficient to reshape any tactical plan either coach has developed. The Azteca sits 2,200 meters above sea level, reducing the availability of oxygen in the air and placing extraordinary aerobic demands on players unaccustomed to competing at elevation. Mexico train at altitude regularly. England’s players have never played a competitive match at this height in their careers, and the physical toll of maintaining the kind of intense pressing England employ under Thomas Tuchel over 90 minutes in those conditions cannot be overstated. Hydration breaks, which tournaments in extreme conditions mandate, have become unexpectedly critical to England’s knockout run at this World Cup.

Mexico’s Azteca record is extraordinary by any measure: losing just two of 89 matches played at the ground across all competitions, with the most recent World Cup record showing eight wins and two draws in 10 matches. El Tri has never lost a World Cup match at this stadium. Visiting nations with superior rosters on paper have repeatedly struggled to produce their best football when denied the space they create for themselves at sea level, unable to press as high, unable to run as fast or as long, and unable to recover possession as quickly as their patterns of play demand.

Mexico’s tactical identity under Javier Aguirre is built for exactly these circumstances. El Tri drop into a compact, organized mid-block when out of possession and rely on Quiñones and Alvarado to attack the space behind retreating defensive lines with pace and directness. Teenage sensation Gilberto Mora, 17, who produced a slick performance against Ecuador and could become the youngest player to start a World Cup knockout match since Pelé, gives Mexico an X-factor in central midfield. Striker Jiménez has scored twice at the tournament and is now 47 goals into his international career, five behind all-time Mexico scoring leader Javier Hernandez.

England’s predicted lineup sees Tuchel again dealing with the same defensive headache that has defined the team’s entire knockout preparation. Reece James provided an optimistic injury update following the Congo DR match but is not expected to return for this fixture, leaving Djed Spence at right back after his uncomfortable individual performance against Congo. Declan Rice was forced off near the end of the Congo DR match, although the Arsenal midfielder appeared to be suffering primarily from cramp and exhaustion rather than structural injury. He is expected to start Sunday.

The predicted England lineup places Jordan Pickford in goal behind a back four of Spence, Ezri Konsa, Marc Guehi and Levi O’Reilly, with Rice and Elliot Anderson screening in front of the defense. Bukayo Saka, Bellingham and Anthony Gordon complete the attacking midfield behind Kane. Tuchel is expected to make at least one change to the wide positions, having been dissatisfied with his flanks’ output against Congo.

Statistically, the head-to-head record between Mexico and England across their most recent meetings actually favors the English, who have won each of the last four encounters. Their last meeting came in 2010, when goals from Glen Johnson, Ledley King and Peter Crouch secured a 3-1 England win in a South Africa World Cup warm-up fixture. But none of those meetings took place at the Azteca, and none featured a Mexican side riding the specific wave of national euphoria that comes with ending a four-decade knockout drought in their tournament’s home edition.

Betting markets position England as slight overall favorites to advance at around -150 with most major operators, with Mexico priced at around +200. Kalshi prediction markets, which track community probability estimates, give England a 40% chance of winning in regulation time, Mexico 32% and a draw leading to extra time 30%.

Harry Kane and Jude Bellingham, in tandem, have carried the weight of expectation all summer and will relish this mighty test. Whether that quality can translate into goals against Mexico’s tournament-best defensive record, which includes four consecutive clean sheets and zero goals conceded across the entire competition, will determine whether England’s World Cup run continues into the quarterfinals in Miami or comes to an end in the place where football becomes something else entirely.

DALLAS — Cristiano Ronaldo finally ended an eight-match, nine-year wait for a World Cup knockout goal last week against Croatia, and now he faces the most daunting challenge of this final tournament chapter: a round of 16 clash against Spain, the tournament’s outstanding team, at AT&T Stadium in Arlington, Texas, on Monday at 3 p.m. ET.

Portugal showed their resilience with a dramatic 2-1 victory over Croatia to survive their knockout opener, highlighted by Cristiano Ronaldo’s historic first-ever World Cup knockout goal. On the other hand, Spain shook off heavy expectations to completely dismantle Austria 3-0, continuing an incredibly entertaining tournament campaign fueled by an explosive attacking lineup that didn’t allow their opponents a single shot on target.

The fixture has been framed across the football world as one of the round of 16’s defining matches, partly because of the football it promises and partly because of the generational contrast at its center. Ronaldo, 41, is still bagging goals for Portugal, scoring four goals in three games for Portugal at the 2026 FIFA World Cup. Yamal, 18, scored his first career World Cup goal in Spain’s 4-0 win over Saudi Arabia in the group stage. The two already have history at this tournament. The last time these two sides met, Spain played Portugal to a 2-2 draw before beating them in a penalty shootout to win the 2025 UEFA Nations League title.

The statistical picture entering Monday’s match could not favor Spain more clearly. Spain arrive unbeaten and yet to concede a goal at this World Cup 2026, while Portugal have yet to truly hit their stride, scraping past Croatia with a late winner in the last 32. Spain’s bet365 moneyline stands at -111, with Portugal a significant underdog at +300 and the draw at +250. Market consensus: Kalshi traders price Portugal at 24%, the draw at 27%, and Spain at 51%.

Spain’s coach Luis de la Fuente has been open about his belief in the squad throughout the tournament, and Lamine Yamal’s most recent performance appeared to be his best of the competition. Thursday’s 3-0 win over Austria in the Round of 16 was undoubtedly Lamine Yamal’s best performance at the World Cup yet as he appears to be getting up to speed at the perfect time after some injury troubles at the start of the tournament.

De la Fuente himself has spoken consistently about his growing optimism as the tournament has progressed.

“As the days pass, I believe even more in this team,” De la Fuente said. “I’ve always believed in this team. For me they’re the best in the world. As the tournament evolves, there’s equality with the results we’re seeing. I’m still just as demanding, still just as realistic, but also more optimistic every day.”

Against Austria, Spain created chances that suggested Yamal is now operating at full health. All that was missing from his display in Los Angeles was a goal, having had four shots on target, including one which was cleared off the line late on.

Portugal’s path to Monday has been anything but smooth. In a thrilling 2-1 victory over Croatia, Cristiano Ronaldo slotted home a penalty before Gonçalo Ramos sealed the win with a header in the 94th minute, narrowly escaping a last-gasp Croatia equalizer that VAR ruled out for offside. The drama underscored how close Portugal came to early elimination, and how heavily the team still leans on Ronaldo’s individual contribution to generate genuine attacking danger against organized, competitive opposition.

Portugal coach Roberto Martínez is expected to name an unchanged lineup from the Croatia match, with Ronaldo leading the attack despite the 41-year-old’s visible displeasure at being substituted before the Croatian match was fully decided. Ronaldo was less than impressed at his early withdrawal, which came after the Al-Nassr star finally scored a first-ever World Cup knockout goal and before Ramos maintained his astounding major tournament ratio.

Cristiano Ronaldo has now scored a remarkable 25 goals at major international tournaments, which is five more than any other European man. His knockout goal against Croatia broke a personal record whose weight had grown heavier with each passing tournament, and he enters Monday’s match in genuine scoring form. But goals against a Croatia side that ultimately needed a disputed VAR decision to end their campaign are a different proposition from finding the net against Spain’s defense, which has not been breached once in five tournament matches.

Spain’s so-far impenetrable defence faces its toughest examination yet in Arlington, where midfield battles should take centre stage between the two teams who both average over 60% possession at the 2026 World Cup.

The midfield duel between Spain’s Rodri and Pedri against Portugal’s Vitinha and João Neves is widely considered the match’s pivotal battleground. Spain’s ability to control tempo and build possession patiently has made them extremely difficult to beat, while Portugal’s counter-attacking danger, channeled primarily through the direct running of Rafael Leão and Pedro Neto on the flanks, represents the clearest route to exploiting the spaces Spain’s aggressively overlapping fullbacks leave behind them.

Mikel Oyarzabal (Spain) has four goals off an xG of 3.19 with eight shots on target, making him the tournament’s joint-top scorer and putting him in the Golden Boot conversation. Cristiano Ronaldo (Portugal) has three goals off a match-high xG of 4.15 and seven shots on target, still Portugal’s talisman and their likeliest source of a goal.

Injury concerns are modest but relevant for Spain. None of Lamine Yamal, Porro, Dani Olmo or Aymeric Laporte trained fully on Friday, but none is said to be carrying a serious issue; rather their workloads were being managed. More significantly, both Nico Williams and Yeremy Pino are expected to miss the match with muscle injuries. An unchanged Roja XI is expected to take to the field.

Spain are the better team right now. They have more quality across the pitch, better form, and a clear tactical identity. Portugal will rely heavily on Ronaldo and set-pieces, but Spain’s midfield control and Yamal’s brilliance should prove decisive. History offers Portugal some encouragement. The two sides’ most famous World Cup encounter came in the 2018 group stage, when Ronaldo’s hat trick gave Portugal a 3-3 draw. In last year’s UEFA Nations League final, the two sides needed penalties to be separated after a 2-2 draw.

For Ronaldo, described by his own sister as being in his final chapter with the Portuguese national team, Monday’s match at AT&T Stadium represents either the continuation of a farewell World Cup run that has already produced genuine historic moments, or its end at the hands of the team widely considered the tournament’s best. Whether he can do what he has always done at the most important moments is the question at the heart of this Iberian collision.