Fitch Doesn’t See Bottom of Office CRE Mess, Sees CMBS Delinquency Rates Spike Way Past Financial Crisis Peak in 2025 by Wolf Richter • Jun 11, 2024 • 83 Comments A big driver is the “secular decline in the office market” that even slashed interest rates would not end.
Used Car Wholesale Prices Continue Plunge, Gave up 59% of Pandemic Spike. But still up 35% from Jan 2020: EVs +72%, ICE Vehicles +34% by Wolf Richter • Jun 10, 2024 • 92 Comments Compact trucks +70% since Jan 2020; full-size pickups +39%, SUVs +30%, compact cars +20%. Auto insurance +44% since Jan 2022.
The Desire to Be “Your Own Boss” in America by Wolf Richter • Jun 9, 2024 • 124 Comments “You can’t always get what you want… but if you try sometimes, well, you might find, you get what you need…”: The Rolling Stones
Longer-Term Trends of Employment by Industry Category by Wolf Richter • Jun 8, 2024 • 53 Comments New highs in employment: Construction, Professional & Business Services, Healthcare, Wholesale trade. Declines in Information.
A Jobs Report You’d Expect from an Economy Humming along in an Inflationary Environment by Wolf Richter • Jun 7, 2024 • 95 Comments Three-month averages have been steadfast: higher-than-normal job creation and wage increases.
Fed Balance Sheet QT: -$107 Billion in May, -$1.71 Trillion from Peak, to $7.26 Trillion, Lowest since December 2020 by Wolf Richter • Jun 6, 2024 • 149 Comments Quantitative Tightening has removed 40% of Treasury securities and 28% of MBS that pandemic QE added.
THANK YOU 💖 for Your Wonderful Support of WOLF STREET!!! If You Missed it two Weeks ago, a Reminder: Please Donate by Wolf Richter • Jun 6, 2024 • 10 Comments Your support keeps WOLF STREET open, not hidden behind a paywall, so that it can reach the largest possible audience.
Mortgage Rates Rise, Over 7% since Early April, Buyers Remain on Strike, Housing Market Still Frozen as Prices Are Too High by Wolf Richter • Jun 5, 2024 • 135 Comments Stuck with a 6% or 7% mortgage that was supposed to be refinanced? The Fed is counting on them to help bring inflation down.
Bank of Canada Cuts by 25 basis points, to 4.75% as Economy and Inflation Slowed. QT Continues by Wolf Richter • Jun 5, 2024 • 53 Comments Rate hikes seem to be more effective in Canada than in the US in slowing the economy and bringing down inflation.
Bank of Japan Ended QE as the Yen Got Crushed by Wolf Richter • Jun 4, 2024 • 54 Comments Too little too late? Japan had trade deficits for years; a crushed yen is not good. Needed now: Big QT & rate hikes to bail out the yen.
