I’ve Had it with Stupid Stuff about Hotels in San Francisco: Park Hotels & Wall Street Screwed Shareholders, Bond-Fund Holders, and Pension Funds, but Blame San Francisco? by Wolf Richter • Jun 12, 2023 • 127 Comments The clueless WSJ reporter needs to be taken to the woodshed. That kind of BS article doesn’t belong in the WSJ.
5% Interest Income from CDs, T-Bills, Money Markets Fueled Spending. Higher Borrowing Costs Cut Spending. And on Net? by Wolf Richter • Jun 10, 2023 • 228 Comments Interest income is a big number that got a lot bigger, and people are spending some of it.
Commercial Real Estate Woes in the Stock Market: Office REITS by Wolf Richter • Jun 9, 2023 • 113 Comments But the dividends are so sweet – until they get cut or “suspended.”
“Generative AI” Wants to Write for WOLF STREET. A Gazillion Websites Got the Same Offer, Including WhiteHouse.gov? by Wolf Richter • Jun 8, 2023 • 258 Comments Humans are pushing AI into everything because it’s cheaper than humans. But I have an edge: I put my soul into my writing, a human communicating with humans.
Global Steel Production in 2022 Fell Most since 2009, Unwound Stimulus Spike of 2021. China’s Production Fell for 2nd Year by Wolf Richter • Jun 8, 2023 • 41 Comments China still produced more than the rest of the world combined, 12 times more than the US.
The End of Easy Money: Bankruptcy Filings Pile Up at Fastest Rate since 2010 by Wolf Richter • Jun 7, 2023 • 136 Comments A cleansing process, long overdue, to whittle down the corporate debt overhang and clear out deadwood, at the expense of investors.
The Bank of Canada Un-Pauses, Hikes 25 Basis Points, Second Central Bank to Un-Pause on Resurging Inflation Fears by Wolf Richter • Jun 7, 2023 • 102 Comments More rate hikes are on the table. “Overall, excess demand in the economy looks to be more persistent than anticipated.”
US National Debt Spikes by $359 billion on 1st Day after Debt Ceiling Suspended. TGA Begins to Get Refilled, Draining Liquidity from Market by Wolf Richter • Jun 6, 2023 • 118 Comments The Fed’s QT is happening for the first time simultaneously with the refilling of the TGA. Both draw liquidity from markets.
Reserve Bank of Australia, First Central Bank to “Pause” then “Un-Pause,” Hikes Again, Warns of More Hikes. QT Continues by Wolf Richter • Jun 6, 2023 • 44 Comments Markets surprised by hike and hawkish tilt on fears about inflation expectations and surging labor costs without productivity gains.
What Are Older Office Towers Worth in the New Era? Second San Francisco Office Tower Sells for 70% Off Original Listing Price by Wolf Richter • Jun 5, 2023 • 125 Comments And nearly 60% off the purchase price in 2005. Price discovery sets in. Deals are being made.
