Econ Rumblings

Another Office Tower Goes Bust: Blackstone Walks from Manhattan Tower it Bought for $605 Million. CMBS Holders to Eat Remaining Losses

by Wolf Richter • Mar 22, 2022 • 150 Comments

Older office towers are besieged. Working-from-home and hybrid-work aren’t helping. The losses are huge.

Mayhem in the Treasury Market as Powell Adds 50-Basis-Point Rate Hikes (Plural) to Menu, QT “As Soon As” May

by Wolf Richter • Mar 21, 2022 • 289 Comments

10-Year yield hits 2.31%, 30-year fixed mortgage rate hits 4.66%. And why the funny kangaroo-shaped yield curve says nothing about the economy.

Next Shoe Drops on Office Markets: State & Local Governments Dump Office Space amid Working-from-Home/Hybrid Model

by Wolf Richter • Mar 20, 2022 • 161 Comments

Office vacancy rates are already huge, foreclosures of office towers are piling up, and office attendance is still very low, everywhere.

Gazillion Miles Behind the Curve, the Fed Gets Hawkish: More Rate Hikes, “Faster and Much Sooner” Quantitative Tightening

by Wolf Richter • Mar 16, 2022 • 261 Comments

The strong economy and labor market can “handle tighter monetary policy.”

Americans Make Huge Efforts to Keep up with Raging Prices

by Wolf Richter • Mar 16, 2022 • 138 Comments

Retail sales amid record worst inflation in durable goods and red-hot inflation in nondurable goods.

Diesel Spikes to $5.25, Gasoline to $4.32, in Historic Leaps. But Wait a Minute… Futures of Crude Oil & Gasoline Plunge

by Wolf Richter • Mar 15, 2022 • 154 Comments

Neck-breaker volatility in opposite directions in an unsettled market.

Why This is the Most Reckless Fed Ever, and What I Think the Fed Should Do to Reverse and Mitigate the Effects of its Policy Errors

by Wolf Richter • Mar 12, 2022 • 363 Comments

The Fed’s credibility shifted from Inflation Fighter under Volcker to Wealth Disparity Creator and Inflation Arsonist under Powell. And everyone knows it.

When Will the Brutal Spike in Rents Drive Up CPI Inflation? How Much Will it Add to CPI?

by Wolf Richter • Feb 15, 2022 • 207 Comments

The numbers are already baked in and will show up over the next 24 months.

The Collapse of the EV SPACs: Retail Investors Got Fleeced Swiftly and Spectacularly

by Wolf Richter • Feb 12, 2022 • 247 Comments

Four stocks collapsed by over 90% from highs. Others not far behind. SPAC-hype-boom leaves trail of SEC & DOJ investigations and class-action lawsuits.

WHOOSH Goes the Dollar’s Purchasing Power in January as Inflation Now Infests Services

by Wolf Richter • Feb 10, 2022 • 278 Comments

Inflation is burning out of control, but the Fed is still pouring fuel on it. You can no longer just blame supply chains. This is far bigger.

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