Amazon to Close 4 of its 5 US Call Centers, Shifts to Work-from-Home, after Closing 44 Warehouses, Halting Construction on 7 Office Towers by Wolf Richter • Sep 29, 2022 • 124 Comments The giant’s footprint reduction to cut costs sinks Commercial Real Estate.
Laid-Off Workers Hired Quickly by Other Companies: This Labor Market Is Astonishingly Strong, Fuel for Fed Inflation Worries by Wolf Richter • Sep 29, 2022 • 145 Comments It’s already playing a key role in every one of Powell’s press conferences.
SPAC Bamboozle Keeps on Giving: Stock Shredded, Low on Cash, Layoffs Underway, Volta Goes after Government Subsidies for EV Charging Stations by Wolf Richter • Sep 28, 2022 • 94 Comments The model of “growth at all cost” has been taken out to the dump.
UK Chaos Economics: Fretting over “Financial Stability” & “Contagion” after Gilts Plunged, Bank of England Buys Bonds by Wolf Richter • Sep 28, 2022 • 262 Comments It wasn’t big hedge funds that blew up, but £1.5 trillion in leveraged pension funds. BoE stepped in to bail them out and prevent further contagion.
The Most Splendid Housing Bubbles in America: Price Drops Spread across US. Steepest Monthly Plunges since Housing Bust 1 in San Francisco -3.5%, Seattle -3.1%, San Diego -2.5% by Wolf Richter • Sep 27, 2022 • 204 Comments The Case-Shiller index, which lags by several months, is starting to flip market by market, including in Phoenix, Dallas, Washington DC, and Boston.
My “Wealth Disparity Monitor”: QT, Rate Hikes, Dropping Stocks & Bonds Reduce Outrageous US Wealth Disparity by Wolf Richter • Sep 26, 2022 • 293 Comments Wealth of the “Top 0.1%” drops by $12 million per household; the wealth of the “Bottom 50%,” who have nearly nothing, rises.
UK Bond Yields Do Monster Spike, Pound Plunges as Bond Vigilantes Rise from Graves, Go after Government’s Fiscal Recklessness by Wolf Richter • Sep 26, 2022 • 127 Comments Bank of England: won’t “hesitate” to hike rates “as much as needed.” Bond market fears much higher inflation and interest rates, for much longer.
The Bear-Market Rally in Stocks, Bonds, Mortgages Wiped Out: Why This Nails the Parallel to the Dotcom Bust by Wolf Richter • Sep 25, 2022 • 336 Comments But this time, there’s over 8% inflation.
To Compete with Spiking Treasury Yields, Banks Now Offer 4%+ on “Brokered” CDs of 6 Months to 5 Years by Wolf Richter • Sep 23, 2022 • 210 Comments Holy-moly mortgage rates close in on 7%.
This Inflation Will Be Tough to Get under Control by Wolf Richter • Sep 22, 2022 • 275 Comments It’s like a dam broke. And now higher interest rates and mortgage rates for much longer, with lower asset prices, as the Everything Bubble gets repriced.
