Despite Getting Whacked by Bank Turmoil, Layoff News, Credit Crunch, High Interest Rates, and Inflation, our Drunken Sailors Spent Even More, Even Adjusted for Inflation by Wolf Richter • May 26, 2023 • 241 Comments Where does the money come from? They now out-earn inflation and dipped into their assets whose prices ballooned over the years.
Free-Money Party for Corporate Profits Turns into Hangover amid Rising Costs and Pressured Revenues by Wolf Richter • May 25, 2023 • 115 Comments “We are entering an EBITDA recession”: S&P Global Ratings.
Inflation Dishes Out Another Nasty Surprise: All Heck Breaks Loose in UK Services CPI & Core CPI, with Scary Monthly Spikes & Multi-Decade Year-over-Year Highs by Wolf Richter • May 24, 2023 • 92 Comments Food Inflation Raged at 19%. But energy prices plunged. In response, UK government bond yields spiked, pricing in higher BOE policy rates.
Delinquencies in Subprime Auto-Loan-Backed Securities Have Second-Worst April Ever, Behind only Lockdown April: The Cost of Free Money by Wolf Richter • May 24, 2023 • 61 Comments In the free-money era, subprime auto lenders took huge risks amid seething demand from yield-chasing investors.
Prices of New Houses Drop Further, Builders Stimulate Sales with Price Cuts, Pulling Demand from Previously Owned Homes by Wolf Richter • May 23, 2023 • 121 Comments That arbitrage is now happening among homebuyers. But regular homeowners wanting to sell haven’t figured it out yet.
Rent Inflation Re-Accelerates to Red-Hot, All Three Now Agree: Zillow Asking Rents, What Big Landlords Said, and Actual Rents Tracked by CPI by Wolf Richter • May 22, 2023 • 240 Comments Debacle on the Inflation Front: The Fed’s victory lap about having licked rent inflation was premature.
Meta Fined “Unprecedented” $1.3 billion by EU = 17 Days of Pre-Tax Income, LOL by Wolf Richter • May 22, 2023 • 65 Comments LOLs keep piling up. Cost of doing business. Nevertheless, Meta came out swinging against it.
Six-Month Treasury Yield Begins to Price in One More Rate Hike by Wolf Richter • May 20, 2023 • 130 Comments Either mid-June or possibly in July.
Inflation Re-accelerates in Japan, Core CPI Spikes to 41-Year High, even as Energy Plunges. BOJ’s Ueda Vows to Let her Rip by Wolf Richter • May 19, 2023 • 95 Comments Bank of Japan clings to negative interest rate policy and yield curve control as inflation spreads across the economy.
Home Sales Plunge, Supply Rises, Prices Drop Year-over-Year Most since 2012. Even Investors Pull Back by Wolf Richter • May 18, 2023 • 279 Comments Even All-Cash sales plunge 22% as investors don’t feel like overpaying either. The 2023 version of spring selling season is here.
