Fed Balance Sheet QT: -$1.0 Trillion from Peak, to $7.96 Trillion, Lowest since June 2021. In September Alone -$146 billion by Wolf Richter • Oct 5, 2023 • 111 Comments Dual milestone: down $1 trillion & below $8 trillion. Fed shed 26% of Treasuries it had added during pandemic QE.
ECB Balance Sheet QT: -€1.77 Trillion from Peak, now down to €7.07 Trillion. Shed 43% of Pandemic QE Assets by Wolf Richter • Oct 5, 2023 • 29 Comments More QT and fewer rate hikes?
New Vehicle Sales +20% in Q3 YoY. Pent-Up Demand Comes Home to Roost. Our Drunken Sailors in No Mood for a Recession by Wolf Richter • Oct 4, 2023 • 143 Comments Average listing price rose 2.2% to $47,417. The strikes, if they drag on, could squeeze inventories, which would pressure prices again.
Despite the AI Hype, Office Markets in San Francisco & Silicon Valley Get Even Worse by Wolf Richter • Oct 4, 2023 • 71 Comments Availability rate in Q3 spiked to 36% in San Francisco. Sublease space nearly doubled in Silicon Valley. Leasing activity collapsed. More landlords default.
20-Year Treasury Yield Spikes to 5.13%. Yield Curve Gets Ready to Uninvert. Juicy Yields Tempt, but Bloodbath May Not Be Over by Wolf Richter • Oct 3, 2023 • 133 Comments “Fed hikes till something breaks.” But honey, the biggest thing has already broken: price stability. And the Fed is trying to fix it.
What, the Tech & Social Media Layoff Queens Are Hiring? Trends in Job Openings, Hires, Layoffs & Discharges, Voluntary Quits by Wolf Richter • Oct 3, 2023 • 54 Comments Still a tight labor market for many industries, but the massive churn slows.
Office CMBS Delinquency Rate Spikes to Nightmare Levels, Malls Have Been a Nightmare for Years by Wolf Richter • Oct 2, 2023 • 127 Comments Lodging is Bad, Multifamily hangs in there, Industrial remains unscathed.
EV Demand Not Sagging or Whatever: Rivian Deliveries +136% YoY, Tesla +27% YoY despite Factory Downtime for Upgrades by Wolf Richter • Oct 2, 2023 • 152 Comments And the “103 days’ supply of EVs” is BS because it doesn’t include Tesla, Rivian, and Polestar, with 65% of US EV sales.
THE WOLF STREET REPORT: Stocks, Bonds & CRE Face QT by Wolf Richter • Oct 1, 2023 • 140 Comments Fundamentals for markets have boiled down to QE or QT since 2009. Now there’s QT, a lot of QT, globally, to battle the worst inflation in decades.
Our Drunken Sailors Got Revised and Updated, but They’re Still Partying by Wolf Richter • Sep 29, 2023 • 92 Comments Income from all sources minus government transfer payments outruns inflation again.
