There’s a Boom in Distressed Debt Exchanges to Deal with Leveraged-Loan Defaults by Wolf Richter • May 13, 2024 • 33 Comments An alternative to a restructuring in bankruptcy court.
Junk-Bond Issuance Nearly Doubles YTD, amid Feverish Demand in La-la-Land and Ultra-Loose Financial Conditions by Wolf Richter • May 10, 2024 • 104 Comments Companies, seeing Higher-for-Longer, take advantage of it to lock in historically narrow spreads and still low yields.
Money Market Funds, T-Bills, Large CDs, Small CDs: Americans Learn to Arbitrage the Higher-for-Longer Interest Rates by Wolf Richter • Apr 27, 2024 • 137 Comments There’s no need to still pay a “loyalty tax” to the banks.
Treasury Yields Spike, 3-Year by 25 Basis Points. Mortgage Rates Hit 7.34%. Services Inflation Smacks Down Rate-Cut Mania by Wolf Richter • Apr 10, 2024 • 185 Comments A Bloodbath was had by all?
10-Year Yield Hits 4.40% as Bond Market Begins to Adjust to Higher Forever: Higher Rates and Higher Inflation by Wolf Richter • Apr 5, 2024 • 204 Comments Suddenly lots of talk the 10-year yield will revisit 5%, which is funny just a few months after Rate-Cut Mania.
Curse of Easy Money: US Government Interest Payments on the Ballooning Debt v. Tax Receipts, Higher Interest Rates, Inflation by Wolf Richter • Mar 31, 2024 • 201 Comments Biggest Drunken Sailors of all. Average interest rate on the Treasury debt spiked but is still only half of what it was in 2001.
Higher for Longer Inflation & Interest Rates Not Over Until the Fat Lady Sings? Waiting for the 2-Year Treasury Yield to Overshoot by Wolf Richter • Feb 18, 2024 • 214 Comments Four decades of history say it’s not over until the 2-year yield overshoots the EFFR. It has undershot for a year, and inflation is taking off again.
“Unrealized Losses” on Securities Held by Banks Jump by 22% to $684 Billion in Q3, Oh Lordy by Wolf Richter • Nov 30, 2023 • 104 Comments They don’t matter until they suddenly do.
Could it Be the Fed’s Mega-QE Created so Much Liquidity that Tightening Doesn’t Work until this Excess Gets Burned Up? by Wolf Richter • Nov 10, 2023 • 400 Comments Financial Conditions loosen further: credit markets blow off the Fed to make sure “higher for longer” gets entrenched? That would be funny.
Credit Cards, the Biggest Payment Method: Balances, Burden, Delinquencies, Available Credit: How Are our Drunken Sailors Holding Up? by Wolf Richter • Nov 9, 2023 • 132 Comments Only 2% of credit card users are delinquent, according to new data from the New York Fed; 98% are current.
