Private-Sector Job Growth Lumbers Along after Getting Hammered by the 2024 Benchmark Adjustments in Sep & Aug by Wolf Richter • Nov 5, 2025 • 11 Comments ADP Employment Report: +42,000 Jobs in October; wages +4.5% for “Job Stayers” and +6.7% for “Job Changers.”
Repo Market Liquidity Pressures Made Worse by Government Shutdown, but the Fed’s SRF Did its Job and Went Back to Sleep by Wolf Richter • Nov 4, 2025 • 38 Comments After the debt ceiling, the shutdown: government checking account (TGA) sucks up $700 billion in four months.
US Government’s Net Cash from Tariffs Jumps to Record $32 Billion in October by Wolf Richter • Nov 3, 2025 • 75 Comments The Supreme Court could strike down a portion of the tariffs, but the Administration sees similar tariffs under different Acts. “You should assume they’re here to stay”: Bessent.
Who Takes the Losses on Office CRE? Here’s an Example: the Bankruptcy of Office Properties Income Trust by Wolf Richter • Nov 3, 2025 • 25 Comments Shareholders got wiped out, noteholders take losses and get the company, banks appear to be largely unscathed.
Dear Readers, Please Donate to WOLF STREET: Fall 2025 Reminder by Wolf Richter • Nov 2, 2025 • 25 Comments Your generous support allows WOLF STREET to remain free and open to all, not hidden behind a paywall.
Office CMBS Delinquency Rate Hits Record 11.8%, Much Worse than Financial Crisis. Multifamily Delinquencies Soar to 7.1% by Wolf Richter • Nov 1, 2025 • 74 Comments Commercial real estate (CRE) loans on office and multifamily properties got further bludgeoned in October.
What Does the “Federal Funds Rate,” which the Fed Targets, still Measure? Not Much, Mostly a Bizarre Arbitrage Trade by Wolf Richter • Nov 1, 2025 • 19 Comments “The FOMC should modernize the target rate”: Dallas Fed president Lorie Logan.
Banks Borrow Record $50 Billion at Fed’s New SRF amid Hot Repo Rates, ON RRPs Spike to $52 Billion in Opposite Direction by Wolf Richter • Oct 31, 2025 • 31 Comments Month-End Liquidity-Palooza: Banks finally used the new & improved SRF the way the Fed has been exhorting them to use it to keep a lid on repo rates.
Fed Balance Sheet QT: Reserve Balances & ON RRPs -$109 Billion in October, -$3.0 Trillion from Peak. What’s Next, According to Powell by Wolf Richter • Oct 30, 2025 • 31 Comments Reserves will shrink further when the balance sheet stays flat after QT ends.
The US Dollar Gets More Fuel from Powell’s Doubts about December Rate Cut by Wolf Richter • Oct 30, 2025 • 21 Comments But the much-hyped USD “debasement trade” already died weeks ago. The correct debasement trade has been the yen.
