When Consensual Hallucination Fades: iRobot Shares -91% from Peak Meme-Stock Mania by Wolf Richter • Jan 20, 2024 • 68 Comments SEC, did you look at the story 2 months ago that Amazon “is set to win unconditional EU antitrust approval,” which caused iRobot to spike 39%?
Amid Collapsed Demand for Existing Homes, Prices Drop Further, Supply Highest for any December since 2018, New Listings Come out of the Woodwork by Wolf Richter • Jan 19, 2024 • 211 Comments Housing market is frozen, people have gone on buyers’ strike, sellers are hoping that this too shall pass.
Fed’s Balance Sheet QT, Liabilities: RRPs -$1.78 trillion from Peak, to $590 Billion, but Reserves Rise to $3.6 Trillion as Liquidity Drains and Shifts by Wolf Richter • Jan 19, 2024 • 106 Comments RRPs heading to their normal level of zero. And it’s time to talk about the revived Standing Repo Facility.
Residential Construction in 2023: Multifamily Starts Fall from 38-Year High, Single-Family Fall for 2nd Year, Both Still Higher than pre-Covid by Wolf Richter • Jan 18, 2024 • 29 Comments Higher interest rates bit, but builders adjusted to them.
Our Drunken Sailors Push Back Against Rate-Cut Mania by Wolf Richter • Jan 17, 2024 • 229 Comments Armed with income increases that outran inflation by a wide margin in 2023, they continue to splurge, no matter what.
Inflation in Canada Refuses to Cooperate with Rate-Cut Bets by Wolf Richter • Jan 16, 2024 • 111 Comments Bank of Canada’s two preferred measures of underlying inflation accelerated, tripping up widespread expectations of cooling.
The Most Splendid Housing Bubbles in Canada: Nationally -18% in December from Peak, Toronto -20%. Even in Calgary, House Prices Dropped. End of Easy Money by Wolf Richter • Jan 15, 2024 • 130 Comments Condo prices in Toronto carve out two-year low, house prices just a hair behind.
Office CRE Gets Even Messier: Aftermath of “The War for Space” by Wolf Richter • Jan 14, 2024 • 182 Comments How this mess came about is actually kind of funny, in a costly way.
Fed Reports Operating Loss of $114 billion for 2023, as Interest Expense Blows Out by Wolf Richter • Jan 12, 2024 • 125 Comments On top of whatever unrealized losses ($1.3 trillion in Q3) from its securities holdings. But losses don’t matter to the Fed.
Beneath the Skin of CPI Inflation, December: Not in the Mood to Just Go Away by Wolf Richter • Jan 11, 2024 • 228 Comments The action is in services. But now new & used vehicle prices are rising again. And energy. Food edges to new painful high.
