US Government’s Net Cash from Tariffs Jumps to Record $32 Billion in October by Wolf Richter • Nov 3, 2025 • 65 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 • 23 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.
Fed Cuts by 25 Basis Points with 2 Dissents in Opposite Directions, QT to End, but MBS to Continue Rolling Off to Be Replaced by T-bills by Wolf Richter • Oct 29, 2025 • 165 Comments Flying blind and despite rising inflation.
Home Sales Have Not Improved at All Despite the Lowest Mortgage Rates in a Year by Wolf Richter • Oct 29, 2025 • 40 Comments Pending home sales and applications for mortgages to purchase a home are near historic lows, and lower mortgage rates have not stimulated demand.
