End of Easy Money: Financial Conditions Loosen Again for Junk-Rated Companies. But Some that Long Teetered Finally Go Over the Bankruptcy Cliff by Wolf Richter • Jul 10, 2023 • 119 Comments Tightening is a slow process, and there is still a flood of excess liquidity chasing after yield.
The Long View of Job Growth by Industry: Some Gained Jobs; at Others, Jobs Got Crushed by Wolf Richter • Jul 7, 2023 • 70 Comments To shed some additional light on the jobs report.
Fed’s Balance Sheet Drops $667 Billion fr. Peak to $8.3 Trillion, Below Aug 2021, as QT Continues, Bank Panic Support Unwinds by Wolf Richter • Jul 6, 2023 • 145 Comments The Fed has now shed 20.5% of Treasury securities it had bought during pandemic QE.
Americans Still in No Mood for Recession: New Vehicle Sales Jump 17.5% in Q2 YoY as Inventories Normalize after Shortages by Wolf Richter • Jul 6, 2023 • 88 Comments Incentives jump but still below normal. Average Transaction Price and Average Listing Price stuck at ridiculous levels.
US National Debt Spiked by $851 billion in One Month, to $32.3 Trillion. Flood of New Debt Coming in Q3 to Refill the TGA, Pay for Raging Deficits by Wolf Richter • Jul 2, 2023 • 152 Comments While, for the first time, the Fed’s QT and refilling the government’s checking account (TGA) pull liquidity from the markets simultaneously.
Fed’s Favored Inflation Index, “Core PCE,” Stuck near 4.6% for Sixth Month, “Core Services” Stuck Near 38-Year High of 5.4% by Wolf Richter • Jun 30, 2023 • 130 Comments Month-to-month, durable goods prices rose again, on price spike of motor vehicles, after steep drops; services might be cooling a little. Energy plunged.
Revenge of the Variable-Rate Commercial Debts by Wolf Richter • Jun 28, 2023 • 121 Comments Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window. But that era is over.
As Prices of New Houses Drop, Sales Jump: Cut the Price and They Will Come. by Wolf Richter • Jun 27, 2023 • 134 Comments Price cuts & mortgage-rate buydowns pull sales from previously owned homes.
Not a Recession Scenario: Multifamily Construction Starts Spike to Highest since 1986, Single-Family Starts Bounce by Wolf Richter • Jun 20, 2023 • 204 Comments Another sign the economy is flying a cruising altitude and refuses to land, even with short-term interest rates over 5%.
US National Debt Hits $32 Trillion, up $572 billion since Debt Ceiling Suspended. TGA Starts Refilling, Drains Liquidity from Markets by Wolf Richter • Jun 17, 2023 • 269 Comments Debt doesn’t matter. Until it does. And now it does.
