Status of the US Dollar as Global Reserve Currency: USD Share Drops to Lowest since 1994

by Wolf Richter • Dec 26, 2025 • 29 Comments

Central Banks diversify their holdings into dozens of smaller “non-traditional reserve currencies.”

US Government Interest Payments to Tax Receipts, Average Interest Rate on the Debt, and Debt-to-GDP Ratio in Q3 2025

by Wolf Richter • Dec 24, 2025 • 83 Comments

Update on a slightly less ugly situation.

WHOOSH, Went the Economy in Q3. The Fed Needs to Watch Out, Economy Is Running Hot

by Wolf Richter • Dec 23, 2025 • 111 Comments

Strong consumer spending growth (despite Sour Mood), big improvement of trade deficit, and government spending growth after two quarters of declines.

Would You Like to Reach WOLF STREET Readers to Find that Perfect Talent for a Great Job, or to Pitch your Products & Services?

by Wolf Richter • Dec 26, 2025

WOLF STREET readers are a fantastic bunch, and they’re right here.

Carry Trade at Risk: Japan’s 10-Year JGB Yield Hits 25-Year High, Yield Curve Steepens, Finance Ministry Verbally Props Up Yen

by Wolf Richter • Dec 22, 2025 • 49 Comments

Ridiculously-behind Bank of Japan is trying to deal with a huge multi-decade monetary mess without crashing global markets.

Oh Deary, Condo Prices Already Dropped by 12% to 30% in these 28 Bigger Markets

by Wolf Richter • Dec 20, 2025 • 55 Comments

Across the US, after a mindboggling Condo Bubble, from Manhattan (-19%) to Oakland (-29%), from Cape Coral (-30%) to Seattle (-14%).

Single-Family Home Prices Barely up YoY, Condo Prices Fall, Highest Supply for Nov in Years, Sales at Housing Bust Levels

by Wolf Richter • Dec 19, 2025 • 95 Comments

The beginning of the 4th year of demand destruction in the resale market after the price explosion from mid-2020 to mid-2022.

Today’s Doctored CPI Inflation Release is like a Bad Joke, but Very Serious (though it Suits the Administration’s Narrative)

by Wolf Richter • Dec 18, 2025 • 279 Comments

No CPI data for October, partially made-up CPI data for November, and now 3 months’ of doctored OER data which weighs 26% of overall CPI.

Lennar Further Cuts Average Sales Price of New Homes, to Lowest since 2017, -25% from Peak: That’s what this Housing Market Needs

by Wolf Richter • Dec 17, 2025 • 65 Comments

Lower prices & lots of new supply. Deliveries & backlog rose. Profit margins, profits, & shares plunged.

The Most Splendid Housing Bubbles in America: Price Drops & Gains in 33 Large Expensive Metros in November 2025

by Wolf Richter • Dec 16, 2025 • 49 Comments

Every housing market dances to its own dynamics.

The Fed Should Look at Private-Sector Jobs Growth and Not Get Distracted by the Massive Federal Government Job Cuts

by Wolf Richter • Dec 16, 2025 • 88 Comments

Federal government slashed 172,000 jobs in 3 months, Private Sector gained 225,000, the most since May.

Treasury Yield Curve Steepens Sharply, Yields from 2 Years to 30 Years Have Risen as the Fed Cut Three Times this Year

by Wolf Richter • Dec 15, 2025 • 92 Comments

The bond market faces the duo of Inflation and Supply.

US Government Sold $602 Billion of Treasuries this Week, 10-Year Treasury Yield Bounces Back to 4.20%, 30-Year Yield to 4.86%, Highest since Sep 4, after Fed Cuts

by Wolf Richter • Dec 12, 2025 • 95 Comments

All of it to fund the ballooning debt that hit $38.4 Trillion. Shift to T-bill issuance has begun.

Layoffs Show No Signs of a Weakening Labor Market

by Wolf Richter • Dec 11, 2025 • 47 Comments

If the labor market is weakening, it’s on the job-creation side of the equation, maybe in part due to AI.

Why the Fed’s “Reserve Management Purchases” Are Not QE

by Wolf Richter • Dec 11, 2025 • 54 Comments

The Fed reverts to pre-2009 balance sheet management where the balance sheet grows with or less than the economy.

This Fed Meeting Must Have Been an Epic Circus

by Wolf Richter • Dec 10, 2025 • 164 Comments

Amid 3 dissenters in both directions, FOMC cuts by 25 basis points. “Dot Plot” sees 1 cut next year, 3 members see 1 hike. Reserve management purchases of T-bills begins.

CEO of ICE on Making Mortgages “Portable” & “Assumable” in the Era of MBS, and on AI at ICE and its Impact on Hiring

by Wolf Richter • Dec 10, 2025 • 36 Comments

“I look at our own behavior, which is we’re kind of slow walking some of that kind of hiring now because we’re using these tools.”

Job Openings Jump by 443,000 in 2 Months: Labor Market Retightens, Fed Faces Scenario of Solid Job Market and Accelerating Inflation

by Wolf Richter • Dec 9, 2025 • 63 Comments

7.67 million job openings, highest since May, 2nd highest all year, and up from a year ago.

In Edgy Bond Market, 30-Year Treasury Yield Hits 3-Month High, 10-Year Yield Hits 1-Month High, Mortgage Rates Jump

by Wolf Richter • Dec 8, 2025 • 79 Comments

The expected rate cut gets complicated: A dovish Fed amid rising inflation can spook the bond market.

The Fed Will Talk a lot about “Reserve Balances” and “Reserve Management Purchases” at its FOMC Meetings

by Wolf Richter • Dec 8, 2025 • 59 Comments

What Are They? And why now?

THANK YOU 💖 for Your Wonderful Support of WOLF STREET!!! And if You Missed the Fall Reminder: Please Donate

by Wolf Richter • Dec 6, 2025 • 11 Comments

Your support keeps Wolf Street open to all, not hidden behind a paywall, to reach the largest audience possible.