Stock Market Leverage Blows Out by Wolf Richter • Oct 15, 2025 • 99 Comments Everyone is talking about the AI bubble – proclaiming it or denying it – but this is what it looks like from the leverage point of view.
Home Buyers’ Strike Drags on Relentlessly, Despite Lower Mortgage Rates by Wolf Richter • Oct 15, 2025 • 34 Comments So mortgage rates are not the problem; they’re at the low end of the pre-QE historical range. Those exploded prices are.
Powell on the End of QT (“We’re Not so Far Away but There’s a Ways to Go”), Shifting Assets to T-Bills, and Selling MBS by Wolf Richter • Oct 14, 2025 • 82 Comments Bonus: His doomsday scenario if Congress forces the Fed to stop paying interest to banks on their reserve balances.
The Huge US Bond Market and the US Dollar Blow Off the “Debasement Trade” by Wolf Richter • Oct 13, 2025 • 117 Comments The bond market has taken the opposite bet, and the dollar has strengthened.
10-Year Treasury Yield Drops to One-Month Low on Trump’s China Threat, Bond Market Sees One Rate Cut this Year, Deficit-Funding Shifts to T-Bills by Wolf Richter • Oct 11, 2025 • 53 Comments Despite the big drop on Friday, the 10-year Treasury yield is higher than shortly before the September rate cut.
Is it Really Different this Time? by Wolf Richter • Oct 10, 2025 • 190 Comments AI is huge. But so is the mania of hype, hocus-pocus deals, and piles of real money fortified by leverage that caused stock prices to explode.
Amazing How the Money-Printing World Has Reversed by Wolf Richter • Oct 9, 2025 • 77 Comments Balance Sheet as % of GDP: Fed, ECB, BOJ, BOE, and Central Banks of Canada, Australia, New Zealand, and Sweden
ECB’s QT Has Knocked €3.28 trillion off its Balance Sheet (far More than the Fed’s QT) and Accelerated QT Further this Year by Wolf Richter • Oct 8, 2025 • 52 Comments Gold mark-to-market quarterly adjustment: +€158 billion for Q3 on gold’s price spike, largest ever write-up.
Spike in Refis, Triggered by Small Dip in Mortgage Rates, Fizzled. Demand for Mortgages to Purchase Homes Still in Deepfreeze by Wolf Richter • Oct 8, 2025 • 69 Comments Mortgage rates are higher than before the rate cuts started over a year ago.
Bank of Japan Balance Sheet QT Accelerates: -$148 Billion in Q3, -$407 Billion fr. Peak. Will Sell ETFs, REITs. Sold all Bank Stocks by Wolf Richter • Oct 7, 2025 • 40 Comments Its holdings of commercial paper & corporate bonds are nearly gone. The BOJ is cleaning up its balance sheet.
