Americans Still in No Mood for Recession: New Vehicle Sales Jump 17.5% in Q2 YoY as Inventories Normalize after Shortages by Wolf Richter • Jul 6, 2023 • 88 Comments Incentives jump but still below normal. Average Transaction Price and Average Listing Price stuck at ridiculous levels.
ECB Balance Sheet Plunged by €1.6 Trillion (-18%) from Peak. Bond Roll-Off Speeds Up by Wolf Richter • Jul 5, 2023 • 85 Comments Spooked by relentlessly raging inflation in services, ECB puts QT into higher gear.
CRE Nightmare for CMBS Holders: Office Mortgage Delinquency Rate Has Biggest Six-Month Spike Ever. It’s just the Beginning by Wolf Richter • Jul 5, 2023 • 133 Comments And it’s structural. Variable-rate CRE mortgages and much higher rates just speed up the process.
End of Easy Money: Unicorn Bubble Implodes, Normalcy Returns by Wolf Richter • Jul 4, 2023 • 100 Comments AI hype & hoopla replaces crypto, blockchain, and FinTech hype & hoopla. You’ve got to go with the times.
Construction Spending on US Manufacturing Plants Soars, to De-Globalize Supply Chains? by Wolf Richter • Jul 3, 2023 • 188 Comments The driver: computer, electronic, and electrical manufacturing.
US National Debt Spiked by $851 billion in One Month, to $32.3 Trillion. Flood of New Debt Coming in Q3 to Refill the TGA, Pay for Raging Deficits by Wolf Richter • Jul 2, 2023 • 152 Comments While, for the first time, the Fed’s QT and refilling the government’s checking account (TGA) pull liquidity from the markets simultaneously.
Our Drunken Sailors Are in No Mood to Give Up Spending, and They Can Afford it by Wolf Richter • Jun 30, 2023 • 289 Comments Personal income solidly outpaces inflation.
Fed’s Favored Inflation Index, “Core PCE,” Stuck near 4.6% for Sixth Month, “Core Services” Stuck Near 38-Year High of 5.4% by Wolf Richter • Jun 30, 2023 • 130 Comments Month-to-month, durable goods prices rose again, on price spike of motor vehicles, after steep drops; services might be cooling a little. Energy plunged.
Waiting for the Promised Recession: Economic Growth even Stronger than Feared, Treasury Yields Spike by Wolf Richter • Jun 29, 2023 • 218 Comments The Fed has jacked up interest rates to over 5% to slow down this circus, and instead we’re getting accelerated growth.
Revenge of the Variable-Rate Commercial Debts by Wolf Richter • Jun 28, 2023 • 121 Comments Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window. But that era is over.
