Update on the Fed’s Liquidity Support for Banks by Wolf Richter • Mar 23, 2023 • 57 Comments Was it the Swiss National Bank that Borrowed $60 Billion via “Foreign Official” Repos for the Credit Suisse takeunder?
Layoffs in California Stall Employment Growth: San Francisco and Silicon Valley Hardest Hit by Wolf Richter • Mar 23, 2023 • 46 Comments But only 8% of Alphabet’s and 13% of Meta’s layoffs are in California: The tally based on California’s WARN reports.
Powell Explains the Fed’s New Regime: Rate Hikes & QT to Fight Inflation while Offering Liquidity to Banks to Keep them from Toppling by Wolf Richter • Mar 22, 2023 • 227 Comments An enormously important new regime gets engraved into central-bank handbooks. The ECB and Bank of England are also on board.
Fed Hikes by 25 Basis Points, to 5.0% at Top of Range, Pencils in One More Rate Hike, No Rate Cut in 2023, QT Continues: New Regime of Tightening while Providing Liquidity for Banks by Wolf Richter • Mar 22, 2023 • 261 Comments Stepping on the brake with one foot while putting an arm around the baby to keep her from hitting the dashboard.
Home Prices Drop Year-over-Year for First Time since Housing Bust 1. Sales Bounce from Deep-Dismal to just Dismal by Wolf Richter • Mar 21, 2023 • 332 Comments The spring selling season is here, folks.
Total Wipeout of $17 billion in Credit Suisse AT1 CoCo Bonds Shocked Because No One Reads Clauses Anymore? by Wolf Richter • Mar 20, 2023 • 188 Comments We’re not even getting peanuts? EU regulators came out and said, no, no, no, that’s just in Switzerland, not in the EU.
THE WOLF STREET REPORT: Free Money Turned Brains to Mush. Now Some Banks Fail by Wolf Richter • Mar 19, 2023 • 207 Comments The Fed ended Free Money, and the only thing it broke is the consensual hallucination that spawned during the Free Money era. And look what we got.
After Huge Plunge, Treasury Yields Are Due for a Big Bounce on Monday. Here’s Why by Wolf Richter • Mar 18, 2023 • 269 Comments What we saw on Friday was large-scale fear of taking big uninsured deposits into a potentially gruesome FDIC weekend.
The Most Splendid Housing Bubbles in Canada: March Update on the Housing Bust by Wolf Richter • Mar 17, 2023 • 209 Comments Year-over-year, home prices plunged by the most on record as the seasonal uptick in prices was far smaller than a year ago.
Fed Loaned $160 Billion to Banks and $142 billion to FDIC. But QT-Related Roll-off Continued by Wolf Richter • Mar 16, 2023 • 281 Comments At around 4.75%, plus collateral, these are expensive loans for banks.