Why I’m Skeptical of Powell’s Claim Red-Hot Rent CPI Will Just Vanish: Landlords Report the Opposite, even for April by Wolf Richter • May 8, 2023 • 298 Comments High demand by renters of choice trying to outwait the housing turmoil pushes up actual rents in a range of 6% to 8%.
Dear Readers, Please Donate to WOLF STREET: Spring 2023 Reminder by Wolf Richter • May 7, 2023 • 55 Comments Your support is crucial to keeping the site free and open to all. Thank you!!
Utter Chaos at the Short End of the Treasury Market and at the 28-Day Treasury Bill Auction: A Deep Dive by Wolf Richter • May 6, 2023 • 153 Comments Investors exacting their pound of flesh for the risk of a default “as early as” June 1.
The Landing Has Been Cancelled. Labor Market is Flying at High-ish Cruising Altitude by Wolf Richter • May 5, 2023 • 244 Comments Even employment in Information has been rising for months despite layoff announcements, after a dip last year. Month-to-month wage growth re-accelerated.
Fed’s Balance Sheet Plunges by $230 Billion in 6 Weeks, Biggest such Plunge in 14 Years by Wolf Richter • May 4, 2023 • 103 Comments Massive gyrations on the balance sheet after FDIC’s take-down of First Republic, sale of its assets to JP Morgan, and FDIC’s loan to JPM.
Despite Banking Turmoil, ECB Accelerates QT plus Hikes by 25 Basis Points. Balance Sheet Plunged by €1.12 Trillion so Far by Wolf Richter • May 4, 2023 • 36 Comments “We’re not pausing, that’s very clear,” Lagarde said. “We know we have more ground to cover.”
Powell Swats Down Rate Cut in 2023, Purposefully Leaves in Doubt a “Pause” for June Meeting by Wolf Richter • May 3, 2023 • 132 Comments “We’re going to be looking at those factors to determine whether there is more to do.”
Fed Hikes by 25 Basis Points, to 5.25% Top of Range. Says, “Extent to which Additional Policy Firming May be Appropriate,” instead of “Pause.” QT Continues by Wolf Richter • May 3, 2023 • 183 Comments The rate is now where it last was during the 14-month-long pause from June 2006 to August 2007.
With Mortgage Rates Stuck at 6.5%, Spring Selling Season Turns into Dud by Wolf Richter • May 3, 2023 • 129 Comments But unlike homeowners, homebuilders know how to sell into a down-market: by cutting prices. So a shift to new home sales.
Companies Rebalance their Workforce after the Excesses: Still the Most Astonishing Labor Market by Wolf Richter • May 2, 2023 • 69 Comments Before the ink even dried on the layoff announcements, tech and social media companies are already hiring again?
