Inflation Shocker in the UK: Core CPI Spikes to 30-Year High, Driven by Spike in Services, even as Motor Fuel Prices Plunge by Wolf Richter • Jun 21, 2023 • 137 Comments Bond yields jump as they begin to price in more BOE rate hikes, and higher for longer than previously imagined.
Not a Recession Scenario: Multifamily Construction Starts Spike to Highest since 1986, Single-Family Starts Bounce by Wolf Richter • Jun 20, 2023 • 204 Comments Another sign the economy is flying a cruising altitude and refuses to land, even with short-term interest rates over 5%.
Why a “Pause” Points to Higher for Much Longer. CRE Blowups & Banks. CRE & the Housing Market. What’s the Deal with Inflation? And of course, New & Used Cars by Wolf Richter • Jun 19, 2023 • 129 Comments Wolf Richter on This Week in Money.
US National Debt Hits $32 Trillion, up $572 billion since Debt Ceiling Suspended. TGA Starts Refilling, Drains Liquidity from Markets by Wolf Richter • Jun 17, 2023 • 269 Comments Debt doesn’t matter. Until it does. And now it does.
The Four Monster Service Sectors whose Sales Dominate the US Economy by Wolf Richter • Jun 16, 2023 • 166 Comments Their huge sales, dizzying growth rates, and high pay-scales move the needle.
Dropping Prices of Goods Hit Retail Sales (Inflation Shifted to Services, Which Retailers Don’t Sell). Charts by Retail Category by Wolf Richter • Jun 15, 2023 • 56 Comments But ecommerce sales continue to soar, despite price drops.
Powell on the New Hawkishness in the Dot Plot and on Inflation: “We See that it Tells Us that We Need to Do More” by Wolf Richter • Jun 14, 2023 • 225 Comments Core inflation “has not really moved down. It has not reacted much to our rate hikes. We’re going to have to keep at it.”
In a Very “Hawkish Skip,” the Fed Keeps Rates at 5.25% Top of Range, But Sees Two More Rate Hikes this Year. QT Continues by Wolf Richter • Jun 14, 2023 • 167 Comments “… to assess additional information and its implications for monetary policy.”
For 7 Months, “Core” CPI Hasn’t Improved at All, Stuck at 2.5x Fed Target. Services CPI Accelerates, Rents Not Playing Along, Used Vehicle CPI Spikes. But Energy Plunged by Wolf Richter • Jun 13, 2023 • 140 Comments Powell has been talking about this. Energy cannot plunge forever.
Westfield Walks from Mall in San Francisco, after Walking from 2 Malls in Florida & others. Screws CMBS Holders, Said in 2021 it’ll Dump All Malls, but Suddenly Blames San Francisco? by Wolf Richter • Jun 13, 2023 • 159 Comments Default rate of mall CMBS rose to 7%. Simon Property Group, largest mall landlord, walked from malls for years. Tens of thousands of stores closed. Ecommerce is killing them one by one, not San Francisco.
