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!!
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.”
Here’s the Great Deal JP Morgan Got on First Republic, according to JP Morgan’s Victory Lap in front of Investors by Wolf Richter • May 1, 2023 • 183 Comments A one-time “bargain purchase gain” of $2.6 billion, “over $500 million” in net income accretion, lots of other goodies amounting to an IRR of “over 20%.”
Spring Selling Season Already Goes to Heck, Pending Home Sales Plunge. Banking Crisis to Blame? by Wolf Richter • Apr 27, 2023 • 101 Comments A harbinger for closed sales in April and May.
Consumers, Governments Spent like Drunken Sailors in Q1. Private Investment Plunge & Inventory Change Dogged GDP by Wolf Richter • Apr 27, 2023 • 71 Comments Americans came out of their funk they’d been in late last year. They’re 70% of GDP. They blew money left and right; spending on durable goods spiked!
What Are We Going to Do with All these Unicorns? by Wolf Richter • Apr 26, 2023 • 91 Comments Another Easy-Money hangover.
Second PE-Firm-Owned Subprime Auto Dealer & Lender Suddenly Shuts Down after its Subprime Auto-Loan Bonds Make a Huge Mess by Wolf Richter • Apr 18, 2023 • 127 Comments “Net losses and gross charge-offs were understated” – Oopsie?
