Fed Liabilities under QT Drop $1.71 Trillion, to $7.22 Trillion: Reserves, ON RRPs, Currency, TGA, Foreign Official RRPs by Wolf Richter • Jun 13, 2024 • 90 Comments The liquidity drain of Quantitative Tightening has come entirely from ON RRPs. Reserves have lots of liquidity left to drain.
Beneath the Skin of CPI Inflation: A Stunning Outlier Services CPI Drove Down Everything Else by Wolf Richter • Jun 12, 2024 • 131 Comments Services are big, and that one-month outlier was massive, and it drove down Core CPI and overall CPI.
Fed Sees Only 1 Rate Cut in 2024, Holds Rates at 5.50% Top of Range, QT Continues at Slower Pace as Announced in May by Wolf Richter • Jun 12, 2024 • 126 Comments Higher for longer becomes formalized one meeting at a time, as projections for “longer-run” federal funds rate keep getting raised.
Fitch Doesn’t See Bottom of Office CRE Mess, Sees CMBS Delinquency Rates Spike Way Past Financial Crisis Peak in 2025 by Wolf Richter • Jun 11, 2024 • 83 Comments A big driver is the “secular decline in the office market” that even slashed interest rates would not end.
Used Car Wholesale Prices Continue Plunge, Gave up 59% of Pandemic Spike. But still up 35% from Jan 2020: EVs +72%, ICE Vehicles +34% by Wolf Richter • Jun 10, 2024 • 92 Comments Compact trucks +70% since Jan 2020; full-size pickups +39%, SUVs +30%, compact cars +20%. Auto insurance +44% since Jan 2022.
The Desire to Be “Your Own Boss” in America by Wolf Richter • Jun 9, 2024 • 124 Comments “You can’t always get what you want… but if you try sometimes, well, you might find, you get what you need…”: The Rolling Stones
Longer-Term Trends of Employment by Industry Category by Wolf Richter • Jun 8, 2024 • 53 Comments New highs in employment: Construction, Professional & Business Services, Healthcare, Wholesale trade. Declines in Information.
A Jobs Report You’d Expect from an Economy Humming along in an Inflationary Environment by Wolf Richter • Jun 7, 2024 • 95 Comments Three-month averages have been steadfast: higher-than-normal job creation and wage increases.
Fed Balance Sheet QT: -$107 Billion in May, -$1.71 Trillion from Peak, to $7.26 Trillion, Lowest since December 2020 by Wolf Richter • Jun 6, 2024 • 149 Comments Quantitative Tightening has removed 40% of Treasury securities and 28% of MBS that pandemic QE added.
THANK YOU 💖 for Your Wonderful Support of WOLF STREET!!! If You Missed it two Weeks ago, a Reminder: Please Donate by Wolf Richter • Jun 6, 2024 • 10 Comments Your support keeps WOLF STREET open, not hidden behind a paywall, so that it can reach the largest possible audience.
