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.
The Most Splendid Housing Bubbles in America, June Update: 2nd Overall YoY Price Drop since 2012. Biggest in Seattle, San Francisco, Las Vegas, Phoenix, San Diego, Portland, Dallas… by Wolf Richter • Jun 27, 2023 • 164 Comments It’s spring selling season, when prices always rise month-to-month, and they did, but it wasn’t enough.
As Prices of New Houses Drop, Sales Jump: Cut the Price and They Will Come. by Wolf Richter • Jun 27, 2023 • 134 Comments Price cuts & mortgage-rate buydowns pull sales from previously owned homes.
Longer-Term Treasury Yields to Rise amid Flood of Issuance while Fed, Foreign Buyers, US Banks Unload. Short-Term Yields already Surged by Wolf Richter • Jun 26, 2023 • 179 Comments What the Fed wanted to accomplish. But the bond market hasn’t been playing along and “is too complacent” about the coming onslaught.
THE WOLF STREET REPORT: Revenge of Variable-Rate Commercial Debts by Wolf Richter • Jun 24, 2023 • 160 Comments Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window.
Core CPI in Japan Worst since 1981. Food Inflation Worst since 1976. But Energy Prices Plunge by Wolf Richter • Jun 23, 2023 • 86 Comments BOJ’s Ueda promises to fuel inflation further, hopes for wage growth. Strategy: let raging inflation bring Japan’s debt-to-GDP ratio back in line.
