Fed’s ON RRPs Plunge to $292 Billion, -$2 Trillion from Peak, on the Way to Near-Zero, and Nothing Has Blown Up Yet by Wolf Richter • Aug 6, 2024 • 62 Comments QT keeps draining liquidity from the financial markets.
Despite the Recession-Emergency-Rate-Cut Buffoonery, the Services Sector Expands Strongly on Growth in New Orders & Employment. Inflation Pressures Still On by Wolf Richter • Aug 5, 2024 • 95 Comments What a bummer. Services are two-thirds of the economy; as long as they’re firm, the economy will plug along just fine, even as manufacturing stalled.
US Stocks Open into Mess but Whiff of Panic Fades after Japan Crashed 12% Today, 20% since BOJ Ended Free Money by Wolf Richter • Aug 5, 2024 • 121 Comments This week starts out somewhat ugly. AI-hype-driven rally is losing hot air.
Berkshire Dumped Nearly Half its Apple Shares plus Other Stocks into Final Burst of Rally, Bought T-Bills. Cash is King by Wolf Richter • Aug 4, 2024 • 163 Comments “You could conclude this is another sell signal. This was a far higher level of selling activity than we were expecting.”
Stocks Swoon amid Rate-Cut Hopes after they’d Soared amid Rate-Cut Hopes? Whatever. Mag 7 -$2.26 Trillion from Peak, Semis Crushed, Nasdaq Bloodied by Wolf Richter • Aug 2, 2024 • 223 Comments Fed or no Fed, people suddenly notice fundamentals again, a scary thing at this altitude.
Japanese Stocks Plunge, Yen Rises from the Ashes as BOJ Hikes, Ends Free Money, and Starts QT by Wolf Richter • Aug 2, 2024 • 49 Comments Over the two days since the BOJ’s rate hike & QT kickoff, the Nikkei has plunged 8.2%.
Growth in Jobs Slows to 2017-2019 Pace, Unemployment Rate Rises as Massive Wave of Immigrants Is Absorbed More Slowly by Wolf Richter • Aug 2, 2024 • 131 Comments Wage growth slows to normal-ish rate.
Eyepopping Factory Construction Boom in the US Reaches New Highs amid Big Corporate & Strategic Rethink by Wolf Richter • Aug 1, 2024 • 70 Comments One of the big changes that came out of the chaos of the pandemic. And robots cost nearly the same anywhere.
Values of Old Office Towers Go to Near-Zero, but the Land Has Value: UBS Gets Off with Black Eye by Wolf Richter • Aug 1, 2024 • 85 Comments Huge loss on the building, small gain on the land in separate transactions.
How Powell Kept a September Rate Cut up in the Air: It Will All Depend on the Data till Then by Wolf Richter • Jul 31, 2024 • 93 Comments “We’re balancing the risk of going too soon versus too late. There’s no guarantee in this. It’s a very difficult judgment call.”
