The numbers are out. Even Japanese consumers, supposedly suffering from deflation, are getting whacked. No one escapes.
Traders got even more nervous on Friday, after having been twitchy all Thursday, and they alleviated this condition by dumping government bonds.
Stalled Economy Performs Wealth Miracle, reports the Fed.
The financialization of rents.
And it’s now hitting home.
The bond market is already doing the math.
And the spike in mortgage rates will come in handy.
Six million Americans are 90-plus days delinquent.
In turn, households get a feel-good illusion.
The beating resumed today and will continue until the mood improves.