End of “Disinflation” Honeymoon: CPI Accelerates YoY. Core Services CPI Accelerates MoM. Durable Goods Prices Normalize at Nosebleed Levels by Wolf Richter • Aug 10, 2023 • 180 Comments Core services inflation at 6.1% year-over-year; Core CPI at 4.7%. Three factors make it rough for CPI the rest of the year.
US Government Debt Spikes by $1.2 trillion since Debt Ceiling, to $32.7 Trillion. Treasury to Add $1.5 Trillion in Debt by Year-End by Wolf Richter • Jul 31, 2023 • 169 Comments Stunning numbers out today. Investors will buy the securities, plus those the Fed steps away from. But… Crystal ball sees rising longer-term yields.
Runaway Services Inflation in Euro Area Spikes to Record. Core CPI Stays Near Record. Energy-Price Plunge Pushes Down Overall CPI by Wolf Richter • Jul 31, 2023 • 70 Comments “The drivers of inflation are changing…. Domestic price pressures, including from rising wages and robust profit margins,” are increasingly important: ECB
Fed Favored “Core” PCE Price Index Rises 4.1%, Least since Sept 2021, on Drop in Durable Goods. But Monthly Services Inflation Accelerates by Wolf Richter • Jul 28, 2023 • 201 Comments Housing, finance, insurance, recreation, other services jumped in June from May. Energy plunged 28% year-over-year, but also jumped in June from May.
What Alphabet’s Layoffs, Current Headcount, and Unemployment Claims Tell us about the Erstwhile Tech Layoff Tsunami by Wolf Richter • Jul 27, 2023 • 64 Comments Tech & social media companies went nuts during the pandemic hiring-bubble, then sobered up. Now it’s already over.
Younger People Drove the Increase in Homeownership Rates over the Past Few Years: Census by Wolf Richter • Jul 25, 2023 • 123 Comments They’re making good money and got on with their lives. Fueled by low interest rates and FOMO, it was part of the force behind the price surge.
Companies See “Sticky” Inflation in July in Services, as they Pass on Surging Input Costs, Including Higher Wages by Wolf Richter • Jul 24, 2023 • 124 Comments Inflation in goods has abated, but it remains hot in services: US companies.
US Dollar’s Status as Global Reserve Currency on Slow Long-Term Decline, but Not Going Down in a Straight Line by Wolf Richter • Jul 15, 2023 • 222 Comments An important thing to keep our eyes on these days.
The Fed’s Liabilities: QT Pushed Down Reserves & RRPs by $865 Billion. TGA Gets Refilled. Currency in Circulation Hits Record by Wolf Richter • Jul 14, 2023 • 179 Comments The flow of cash under QT and government deficits.
Third Wave of Hotel CRE Defaults Has Started, Triggered by CMBS Maturities and Variable-Rate Mortgages by Wolf Richter • Jul 11, 2023 • 121 Comments CMBS holders are on the hook, not banks. Investors in hotel REITs have gotten totally crushed.
