Affordable Classics rise the most, American Muscle Cars fall the most. Ferraris flat, after big drops earlier. Beautiful machines all of them.
It might look a little bloody at the top, but it barely unwinds seven weeks of mind-boggling gains.
Trillions flying by so fast, it’s hard to even count them. But somebody had to buy these Treasury securities. And it wasn’t just the Fed. Here’s who.
The heavy weight of debts denominated in foreign currency. Borrowing in dollars & euros is cheap until it isn’t.
It just looks so tempting. (Transcript of my podcast).
Illustrated with 13 whiplash-inducing charts.
Long way to go, after 6 months of Pandemic.
“Rapid growth is no longer possible” and “inflation is not going to be tolerated” in societies with slow wage growth: head of central bank of Singapore. It has been said out loud.
Saving the Zombies in Europe.
The formerly hot asset class was already troubled by a multiyear decline in student enrollment and a surge in upscale supply.
It just looks so tempting.
In the bizarre machinery of an economy that depends on consumer spending funded by stimulus and “extend and pretend.”
For many, squatting is a desperate last resort. For others, it’s a lifestyle choice or political statement. Barcelona, ground zero of the phenomenon, attracts squatters from all over Europe.
Facebook, Apple, NVIDIA, Google, Microsoft, Amazon, Netflix, Tesla, Intel, and Salesforce, weighing 25% of total market, are on one heck of a ride, now in the wrong direction.
But seeing the frenzy, the Fed has stepped away.
SPVs to nowhere.
Continued unemployment claims rise for 2nd week, to 29.6 million, worst since Aug 1, meaning 18.4% of labor force is on unemployment insurance. State & federal initial claims jumped to 1.7 million in the week.
“If you discover at a later stage that there was Mafia involvement, how do you undo what you’ve already done?”
Still a lot of fawning coverage, but big dissenters are now given prominent spots, and loaded questions are used to politely hammer Powell into telling obvious nonsense.
The Fed stepped away from the market after its jawboning created the biggest bond bubble ever.
After spiking for months, used-vehicle wholesale prices turned south in late August, wholesale volume plunged again.
Most states are also rolling it out. On top of other stimulus programs and housing payment deferrals via eviction bans & mortgage forbearance
The European Market Regulator flags big issues, including the “decoupling of financial market performance and underlying economic activity.”
SoftBank was only a cog in the huge machinery.
Suddenly, a whiff of “Don’t fight the Fed?”
Four Days of Free-Fall Mania. Dream goes up in smoke. Passed over by Etsy, Teradyne, and Catalent.
If stocks made a sudden connection to the worst economy in a lifetime, after having been disconnected for months, that would be a disaster, however.
From 3,200 employees down to 1,000 employees in half a year.
“The contract between society and business has changed forever.”
Continued unemployment claims jumped by 2.2 million to 29.2 million, worst since Aug 1, as claims by gig workers under federal PUA program soar. State plus federal initial claims jumped to 1.59 million “not seasonally adjusted.” 18.3% of labor force on unemployment insurance.