California Housing Market: Dismal Sales, Prices Sag in San Francisco (-20% fr. peak), Silicon Valley, San Diego, Orange County… by Wolf Richter • Sep 16, 2022 • 144 Comments And this was during the summer rally as mortgage rates dropped to 5%, stocks bounced, the Fed “pivoted,” and the Good Times started all over again.
The Fed Stopped Buying MBS Today. by Wolf Richter • Sep 16, 2022 • 235 Comments The purpose of MBS purchases was to repress mortgage rates and inflate home prices. That process has already started to reverse.
Retail Sales Doing Just Fine, Thanks Shoppers. But Sales at Gas Stations Sag on Plunge in Gasoline Prices by Wolf Richter • Sep 15, 2022 • 107 Comments Retail sales without gas stations jumped 0.8% in August from July. Inflation shifted away from goods (retailers) to services.
Gasoline Demand Destruction Accelerates Despite Plunge in Prices: Consumption Drops to August 1997 Level by Wolf Richter • Sep 14, 2022 • 170 Comments Long-term stagnation turns into sharp decline.
To Halt Yen’s Plunge, Japan Gets Ready to Sell Foreign Exchange Reserves Instead of Hiking Interest Rates. Won’t Work for Long. Markets Can Win this Battle by Wolf Richter • Sep 14, 2022 • 102 Comments Rate hikes to keep up with the Fed would work. But the Bank of Japan still digs in its heels. Its balance sheet has shrunk for months though.
The Day Wall Street’s Narrative of “Inflation is Over” Fell Apart: A Sea of Red by Wolf Richter • Sep 13, 2022 • 221 Comments But for yield investors: Short-term Treasury yields near 4%. Six-month CD yields at 3.5%, if you shop around.
Services Inflation Spikes, Core CPI Jumps, Food Inflation Worst since 1979, Durable Goods Rise, but Gasoline & Airfares Plunge by Wolf Richter • Sep 13, 2022 • 274 Comments An ugly CPI print of inflation that’s entrenched and getting worse in vast parts of the economy. The Fed will have a heck of a time cracking down on it.
Natural Gas Futures in Europe Plunge 44% from Peak by Wolf Richter • Sep 12, 2022 • 161 Comments Storage above target, floating LNG import terminals going into service.
Buyers’ Strike Takes Effect: Used-Car Auction Prices Plunge, but Still Sky-High, up Nearly 50% from Three Years Ago by Wolf Richter • Sep 10, 2022 • 147 Comments Totally Crazy Irrational Price Spike of Used Vehicles in Serious Unwind Mode.
What Americans Are Driving: Vehicles in Operation, Used-Vehicle Exports, EVs, and Stuff for Engine Geeks by Wolf Richter • Sep 9, 2022 • 158 Comments No, those used vehicle exports are not all going to Mexico. On the contrary.
