Our Drunken Sailors Still Not in Trouble with their Credit Cards by Wolf Richter • Aug 8, 2023 • 77 Comments Keeping an eye on them because some day enough of them will get in trouble to move the needle. But not yet.
Used-Vehicle Wholesale Prices Sagged to Where They’d Been 2 Years Ago, But Are Still High. Where Will They Go? Automakers’ Finance Companies Placed their Bets by Wolf Richter • Aug 8, 2023 • 90 Comments They have to set residual values for three-year leases. And it’s risk off.
Yellow Files for Bankruptcy and Liquidation. CEO Blames Teamsters in Stunning Detailed Announcement by Wolf Richter • Aug 7, 2023 • 178 Comments “All workers and employers should take note of our experience with the International Brotherhood of Teamsters and worry.”
I’ll Just Crush the Stupid Stuff in the Social Media about Disability Claims. In Reality, Claims Dropped to 20-Year Low while People with a Disability Are Employed in Record Numbers by Wolf Richter • Aug 5, 2023 • 124 Comments This is a big benefit to the US economy on many levels.
Powell’s Nightmare: Wage Growth, after Signs of Losing Altitude, Re-Accelerates by Wolf Richter • Aug 4, 2023 • 216 Comments Inflation is just going to stick around for a while, it seems.
Fed Balance Sheet QT: -$91 Billion in July, -$759 Billion from Peak, Biggest Drop Ever, to $8.2 Trillion, Lowest since July 2021 by Wolf Richter • Aug 3, 2023 • 108 Comments The Fed has now shed 22.3% of the Treasury securities it bought during pandemic QE.
CRE Gets Messier: Office-CMBS Delinquency Rate Spikes the Fastest Ever. Bank-Held Office Mortgages also Hit by Wolf Richter • Aug 3, 2023 • 125 Comments Unlike the defaults during the Financial Crisis, this default cycle is structural, in addition to being financial.
Here Comes the Tsunami of Longer-Term Treasury Notes & Bonds: Monthly Auction Sizes +60% by August Next Year by Wolf Richter • Aug 2, 2023 • 180 Comments Good Lordy.
Fitch Downgrades US Credit Rating on Fiscal Deterioration, Government Debt Burden, and Debt Ceiling Standoffs by Wolf Richter • Aug 1, 2023 • 155 Comments Second major US ratings agency to downgrade the US to ‘AA+’. The first ratings agency got whacked by the US government.
Layoffs and Discharges Fizzle, after Spurt in Early 2023 by Wolf Richter • Aug 1, 2023 • 74 Comments The layoff-hype wrung the sense of power out of workers they’d briefly enjoyed. But that’s about all that has happened.
