Fed Balance Sheet QT: -$39 Billion in August, -$2.36 Trillion from Peak, to $6.60 Trillion by Wolf Richter • Sep 4, 2025 • 42 Comments Compared to the size of the economy, the Fed’s assets are now down to 21.8% of GDP, where they’d first been in 2013.
Despite all the Shouting by the Cut-Rates-Now Crowd, Unemployment Claims Do Not Depict a “Cracking” Labor Market by Wolf Richter • Sep 4, 2025 • 60 Comments Unemployment claims are even with a year ago and are below two years ago.
ON RRPs Drop to Near-Zero $17.9 Billion, Liquidity Flow into Markets Over, while TGA Refilling Drains Liquidity from Markets by Wolf Richter • Sep 3, 2025 • 59 Comments Liquidity now begins to drain out of the markets for the first time since the debt ceiling.
Office CMBS Delinquency Rate Spikes to Record 11.7%, Much Worse than Financial Crisis Peak. Multifamily Delinquencies also Spike by Wolf Richter • Sep 1, 2025 • 94 Comments Extend-and-pretend and forbearance deals widely implemented to “cure” delinquent CRE mortgages.
