Least Geeky Explanation Ever of Differences Between CPI and PCE Price Index which the Fed Uses as Yardstick by Wolf Richter • Feb 27, 2023 • 55 Comments OK, “least geeky ever,” I mean I don’t know that, but you get the idea. Fed governor Jefferson outlines the differences in a lecture at Harvard.
THE WOLF STREET REPORT: Housing Bust #2 Has Begun by Wolf Richter • Feb 26, 2023 • 228 Comments Some markets are already deep into it, others just started. A sobering trip from the free-money decade in la-la-land, back to normal.
People Got Used to Higher Prices and Are Outspending even Raging Inflation. They Don’t Want this Thing to Land by Wolf Richter • Feb 24, 2023 • 261 Comments Year-over-year growth in consumer spending, adjusted for inflation, outpaced pre-pandemic average. Month-over-month, growth spiked.
“Disinflation” Hoopla Sunk by Spiking Prices in January, Upward Revisions for Oct-Dec: Services PCE Price Index Worst since 1984, Goods Jump, “Core PCE” Red-Hot Again by Wolf Richter • Feb 24, 2023 • 181 Comments Inflation Horror Show. The Fed has got a problem on its hands.
As Inflation Spikes to 41-Year High, Bank of Japan Promises to Let her Rip by Wolf Richter • Feb 24, 2023 • 87 Comments A political decision to solve Japan’s horrid fiscal mess by fueling inflation, and forget that 2% target.
Commodities’ Wild Ride: Spikes, Plunges, Re-spikes: Lithium, Lumber, Coal, Wheat, Copper, Steel, Iron Ore, Soybeans, Coffee, Corn by Wolf Richter • Feb 23, 2023 • 93 Comments Oh no, coffee! Commodities are not moving in lockstep.
Spring Selling Season Starts Ominously: Mortgage Applications to Purchase a Home Plunge to Lowest since 1995 by Wolf Richter • Feb 22, 2023 • 188 Comments Prospects of 7% Mortgages Return. Surge in activity in January from very low levels has fizzled.
Mortgage Rates Near 7% for Spring Selling Season: Prices of Existing Homes Fall 13% from Peak, on Lowest Sales since 2010 by Wolf Richter • Feb 21, 2023 • 164 Comments Market is still frozen, potential sellers sit on vacant properties, hoping this too shall pass. Cash Buyers, investors, second-home buyers pull back further.
How the CPI “Weights” Changed and Moved CPI: Meet the Surprises by Wolf Richter • Feb 21, 2023 • 91 Comments In numbers and charts: The weight changes in the major CPI categories pushed up overall CPI.
How Many People Were Actually Laid Off So Far in California? The Counties & Companies with the Biggest Layoffs by Wolf Richter • Feb 20, 2023 • 124 Comments Still not many layoffs, but concentrated in the San Francisco Bay Area. Workers found new jobs quickly, and employment in California still rose.
