And refinance mortgage applications plunged by over half from 2020 spike.
The Fed provides the data quarterly, I dissect it at the stunning per-capita level.
Banks, as prime brokers and counterparties to the hedge fund, are eating multi-billion-dollar losses as they try to get out of these secretive stock derivative positions.
Now they’re wondering why.
The Fed smiles upon rising long-term Treasury yields as sign of economic growth and rising inflation expectations.
Gimme a break, will ya? Wherein I rant, supported by the Fed’s own data.
These manias and the rising long-term interest rates are on collision course.
In an investment environment where nothing matters anymore – until it suddenly does.
To let some hot air out of the markets? As long as it isn’t “disorderly.”
They’re not the same consumers.