Bessent Blast’s the Fed for QE, its “Perverse Incentives” for Fiscal “Irresponsibility,” “Wealth Effect” Policies, “Class and Generational Disparities,” Failure on Inflation… Oh I So Agree

by Wolf Richter • Sep 5, 2025 • 39 Comments

“This harmful cycle concentrated national wealth among those who already owned assets”: Bessent.

My Thoughts about that August Jobs Report

by Wolf Richter • Sep 5, 2025 • 58 Comments

Federal & State Governments Shed 28,000 Jobs in August. Private-sector hiring machine slows, waiting for clarity, but layoffs remain very low.

Fed Balance Sheet QT: -$39 Billion in August, -$2.36 Trillion from Peak, to $6.60 Trillion

by Wolf Richter • Sep 4, 2025 • 41 Comments

Compared to the size of the economy, the Fed’s assets are now down to 21.8% of GDP, where they’d first been in 2013.

Bull Markets Create the Illusion of Mastery

by Sponsored by TheTechnicalTraders.com • Aug 13, 2025

When markets soar, judgment slips -- here's why.

Despite all the Shouting by the Cut-Rates-Now Crowd, Unemployment Claims Do Not Depict a “Cracking” Labor Market

by Wolf Richter • Sep 4, 2025 • 57 Comments

Unemployment claims are even with a year ago and are below two years ago.

ON RRPs Drop to Near-Zero $17.9 Billion, Liquidity Flow into Markets Over, while TGA Refilling Drains Liquidity from Markets

by Wolf Richter • Sep 3, 2025 • 59 Comments

Liquidity now begins to drain out of the markets for the first time since the debt ceiling.

Office CMBS Delinquency Rate Spikes to Record 11.7%, Much Worse than Financial Crisis Peak. Multifamily Delinquencies also Spike

by Wolf Richter • Sep 1, 2025 • 92 Comments

Extend-and-pretend and forbearance deals widely implemented to “cure” delinquent CRE mortgages.

30-Year Treasury Yield Stuck Near 5% on Inflation Fears, but 6-Month Yield Drops, Sees Rate Cuts, Long End of Yield Curve Steepens a Lot, Mortgage Rates still over 6.5%

by Wolf Richter • Aug 30, 2025 • 129 Comments

The bond market’s reaction to cocktail of inflation fears, potentially lax Fed, and Mississippi River of new debt flowing into the market.

Core Services PCE Inflation Spikes (Not Tariffed), Durable Goods Inflation (where Tariffs Hit) Turns Negative Month to Month

by Wolf Richter • Aug 29, 2025 • 84 Comments

Services are where two-thirds of consumer spending goes. And that’s where inflation is. But it’s no longer in rents.

US Government’s Fiscal Mess: Interest Payments on the Treasury Debt, Interest Rates, Tax Receipts, and Debt-to-GDP Ratio in Q2 2025

by Wolf Richter • Aug 28, 2025 • 73 Comments

An ugly situation. But capital gains taxes and tariffs helped. And the debt ceiling covered up part of the problem.

Buyers Strike: Pending Home Sales Drop Further, Plunge in Midwest, Near Record Lows in All Regions, as Supply Balloons

by Wolf Richter • Aug 28, 2025 • 90 Comments

And to top it off: cancellations of pending sales rose to a record rate in July.

Still Waiting for Lower Prices, Higher Incomes, Lower Rates: Mortgage Rates Tick Up, Demand in Deep Freeze, Supply Surges

by Wolf Richter • Aug 27, 2025 • 64 Comments

This buyers’ strike, which started in mid-2022, completes its third year.

Manufacturing of Durable Goods on Rebound in the US

by Wolf Richter • Aug 26, 2025 • 48 Comments

Boeing & jet engine makers are part of it. And the other part is the rest of manufacturing.

New Single-Family Home Prices Drop Further as Inventory Glut Grows. In the South, Inventory for Sale Hits New Record

by Wolf Richter • Aug 25, 2025 • 94 Comments

Homebuilder Lennar’s average selling price has dropped by 19.5% from the peak three years ago.

Big Fuss in the Media about the Government’s 10% Stake in Intel, but just Giving this Cash to Intel under the CHIPS Act Was Fine?

by Wolf Richter • Aug 25, 2025 • 173 Comments

The media are tangled up in their own underwear about this deal, while totally onboard with sacrificing taxpayers on the altar of Biden’s policies.

The 12 Bigger Cities with the Biggest Price Declines of Single-Family Homes (-10% to -23%) through July

by Wolf Richter • Aug 23, 2025 • 47 Comments

Oakland, Austin, New Orleans, Cape Coral, San Francisco, Birmingham, Washington DC, Fort Myers, Denver, Portland, Phoenix, and Sarasota.

Powell Makes Room for Rate Cut. Fed Kills “Average Inflation” Targeting that Caused so Much Damage when Inflation Raged

by Wolf Richter • Aug 22, 2025 • 161 Comments

Fed to “proceed carefully” with changes to policy stance amid heavy concerns about rising inflation.

Sales of Existing Single-Family Homes Crushed, Supply Highest since 2016. Condo Sales Near Low in the Data, Supply Highest since Housing Bust. Prices Begin to Bend

by Wolf Richter • Aug 21, 2025 • 98 Comments

Prices of condos drop year-over-year, single-family price growth “near zero.” West & South take serious hits.

Condo Prices Already Dropped by 12%-26% in 21 Bigger Cities through July. Condo Bust Takes Shape

by Wolf Richter • Aug 20, 2025 • 94 Comments

Oakland, Austin, San Francisco, Denver, Tampa, Seattle, New York City, Saint Petersburg, Fort Myers, Sarasota, Boise, Jacksonville, Detroit, New Orleans, Portland, Arlington, Naples, Mesa, Aurora, Reno, Scottsdale.

Where Americans Spend $1.2 Trillion a Year at Ecommerce Retailers and How that Changed Over Time

by Wolf Richter • Aug 19, 2025 • 70 Comments

Clothing & general merchandise online retailers are the biggie.

Credit Card Delinquencies, Balances, Burden, Credit Limits, and Collections in Q2 2025

by Wolf Richter • Aug 19, 2025 • 30 Comments

Our Drunken Sailors and their Credit Cards.