Turkey’s 2nd Financial & Currency Crisis in 2 Years Blossoms. Heavily Invested European Banks Look for Exit. But Not the Most Exposed Bank by Nick Corbishley • Aug 15, 2020 • 41 Comments Big Gamble that was hot for years has gone sour after Turkish lira’s plunge and surge of defaults on bank debts denominated in foreign currency.
Fired up by Stimulus Money & Debt Deferrals, Americans Went Shopping. But Where? How Life Changed During the Pandemic by Wolf Richter • Aug 14, 2020 • 195 Comments In 12 Whiplash-Inducing Charts.
Week 9 Since Peak-QE: Update on the Fed’s Assets by Wolf Richter • Aug 13, 2020 • 86 Comments Repos at $0. SPVs fell for sixth week. Dollar liquidity swaps fell for 9th week. MBS unchanged for 3rd week. Treasuries rose.
Toronto Rental Market Hit by 82% Spike in Apartments for Rent by Stephen Punwasi • Aug 13, 2020 • 53 Comments But a surge in new renters pronto is unlikely.
Number of People on State or Federal Unemployment Insurance Falls Below 30 Million, First Time Since June: Week 21 of U.S. Labor Market Collapse by Wolf Richter • Aug 13, 2020 • 85 Comments During the week, 1.32 million newly-out-of-work people filed for state or federal unemployment insurance. A huge number of job losses. But more people returned to work.
Used Car & Truck Market Turmoil Mauls Freshly IPO-ed Unicorn Online Car Dealer Vroom. Shares -20% by Wolf Richter • Aug 12, 2020 • 65 Comments And how did the pros at CarMax do in the Crisis?
Dollar’s Purchasing Power Drops to Lowest Ever. Inflation Heats Up, as Fed Wants, After Simultaneous Supply & Demand Shocks by Wolf Richter • Aug 12, 2020 • 186 Comments “We’re not even thinking about thinking about” slowing the decline of the dollar’s purchasing power — and thereby labor’s purchasing power.
Foot Traffic to “Places of Commerce,” Office Occupancy Hit by Covid Resurgence, Persistent Work-from-Home: Real-Time Data by Wolf Richter • Aug 11, 2020 • 91 Comments The longer the Pandemic drags on, and work-from-home gets entrenched, the further Old Normal moves out of reach.
Corporate Bond & Junk Bond Markets Driven into Foaming-at-the-Mouth Exuberance by Fed Jawboning about Huge Purchases. But it Actually Bought Just Tiny Amounts by Wolf Richter • Aug 11, 2020 • 74 Comments Here are the details on its purchases and holdings in July.
No, Americans Aren’t Suddenly Flying Again, Despite What the Media Said Today to Boost Stocks of Airlines and Boeing by Wolf Richter • Aug 10, 2020 • 102 Comments But another $25-billion taxpayer bailout is tucked into the stimulus package. The stock market loves bailouts and hates the effects of capitalism.
