Here’s my Powell Cocktail, Not Quite in his Own Words by Wolf Richter • Jan 31, 2024 • 147 Comments It’s premature to think rate cuts are right around the corner, we haven’t decided anything yet, it’s meeting by meeting, but in March no way Jose, I mean, that’s not my base case.
Tesla Closes in on Toyota in California: The Battle for #1. Total EV Sales +46% in 2023, EV Share Hits 21% by Wolf Richter • Jan 30, 2024 • 151 Comments Tesla +24.6%, Toyota +2%. Model Y +52%, #1 bestseller by far; Model 3 is #2 bestseller. Toyota loses it, Camry sales -16%, RAV4 +1%.
On the Surface, PCE Inflation Is Encouraging, But Beneath it, Core Services Accelerated, Housing Stuck at 5.7% for Six Months by Wolf Richter • Jan 26, 2024 • 106 Comments And a look back at the head-fakes core services inflation dished up last time with this type of inflation.
Prices of New Houses Drop to 2-Year Low by Wolf Richter • Jan 25, 2024 • 99 Comments Homebuilders do what it takes to sell homes in this market while sales of existing homes have collapsed.
The Year of the Recession that Didn’t Come: Our Drunken Sailors Partied & Spent, GDP Jumped by Wolf Richter • Jan 25, 2024 • 100 Comments All major categories of spending and investment pulled in the same direction.
Fed’s Balance Sheet QT, Liabilities: RRPs -$1.78 trillion from Peak, to $590 Billion, but Reserves Rise to $3.6 Trillion as Liquidity Drains and Shifts by Wolf Richter • Jan 19, 2024 • 106 Comments RRPs heading to their normal level of zero. And it’s time to talk about the revived Standing Repo Facility.
Our Drunken Sailors Push Back Against Rate-Cut Mania by Wolf Richter • Jan 17, 2024 • 229 Comments Armed with income increases that outran inflation by a wide margin in 2023, they continue to splurge, no matter what.
The Most Splendid Housing Bubbles in Canada: Nationally -18% in December from Peak, Toronto -20%. Even in Calgary, House Prices Dropped. End of Easy Money by Wolf Richter • Jan 15, 2024 • 130 Comments Condo prices in Toronto carve out two-year low, house prices just a hair behind.
Office CRE Gets Even Messier: Aftermath of “The War for Space” by Wolf Richter • Jan 14, 2024 • 182 Comments How this mess came about is actually kind of funny, in a costly way.
Fed Reports Operating Loss of $114 billion for 2023, as Interest Expense Blows Out by Wolf Richter • Jan 12, 2024 • 125 Comments On top of whatever unrealized losses ($1.3 trillion in Q3) from its securities holdings. But losses don’t matter to the Fed.
