“Carefully,” Dude: Powell at the Press Conference by Wolf Richter • Sep 20, 2023 • 168 Comments Our drunken sailors “hate inflation, hate it,” and are in a foul mood, but are in good shape and keep spending.
In Very “Hawkish Hold,” Fed Keeps Rates at 5.50% Top of Range, Sees One More Hike in 2023, Only Two Rate Cuts in 2024, to 5.25%. QT Continues by Wolf Richter • Sep 20, 2023 • 205 Comments The shocker was the infamous “dot plot”: Higher for even longer, ending the year 2024 at 5.25%.
Sign of Tight Labor Market, Strength of Ecommerce: Amazon to Hire 250,000 for Holidays, up from 150,000 Last Year, Boost Wages, Offer Sign-on Bonuses by Wolf Richter • Sep 20, 2023 • 48 Comments While fewer and fewer Americans head to the malls.
Worst “Rent” Inflation since 1983 & Red-Hot Homeownership CPI Fuel Canada’s CPI Surge. Bank of Canada in a Pickle of its Own Making by Wolf Richter • Sep 19, 2023 • 140 Comments Inflation dished up another nasty surprise. Other costs jumped too. Gasoline didn’t help. This was a broad-based mess.
Congrats, America 🥂We Made it! Government Debt Spikes past $33 Trillion: +$1.6 Trillion since Debt Ceiling, +$2.2 Trillion from Year Ago by Wolf Richter • Sep 18, 2023 • 243 Comments Trillions whooshing by so fast they’re hard to see.
Fed’s Cumulative Operating Losses Exceed $100 Billion. Rate of Weekly Losses Begins to Slow as QT Drains RRPs and Reserves by Wolf Richter • Sep 18, 2023 • 41 Comments Not that the losses matter to the Fed, but they matter to the Budget Deficit.
Fed’s Balance Sheet Liabilities: RRPs Plunge, Reserves Rise after Bank Panic, Currency in Circulation Dips after Pandemic Spike, TGA Gets Refilled by Wolf Richter • Sep 16, 2023 • 116 Comments QT’s impact on the Fed’s liabilities, and massive movements between them.
The Most Splendid Housing Bubbles in Canada: Price Drops Spread amid Slowing Sales, Rising Supply, Bank of Canada Tightening by Wolf Richter • Sep 15, 2023 • 127 Comments The Home Price Benchmark Index is down 13% from peak in March 2022. The Canadian housing market is in a category of its own, in terms of craziness.
Our Drunken Sailors Splurged at Stores & Auto Dealers amid Lower Prices of Durable Goods, Partied at Eating & Drinking Places, and Paid an Arm and a Leg at Gas Stations by Wolf Richter • Sep 14, 2023 • 166 Comments They spent a record amount more at bars & restaurants than at food & beverage stores, which tells us something about our drunken sailors.
The Acceleration of Inflation in the Second Half Has Begun, “Disinflation” Honeymoon Terminated by Wolf Richter • Sep 13, 2023 • 329 Comments Month-to-month CPI spikes, core CPI and core services CPI accelerate, despite ongoing massive health insurance adjustment.
