US Government Sold $602 Billion of Treasuries this Week, 10-Year Treasury Yield Bounces Back to 4.20%, 30-Year Yield to 4.86%, Highest since Sep 4, after Fed Cuts by Wolf Richter • Dec 12, 2025 • 3 Comments All of it to fund the ballooning debt that hit $38.4 Trillion. Shift to T-bill issuance has begun.
Layoffs Show No Signs of a Weakening Labor Market by Wolf Richter • Dec 11, 2025 • 30 Comments If the labor market is weakening, it’s on the job-creation side of the equation, maybe in part due to AI.
Why the Fed’s “Reserve Management Purchases” Are Not QE by Wolf Richter • Dec 11, 2025 • 49 Comments The Fed reverts to pre-2009 balance sheet management where the balance sheet grows with or less than the economy.
This Fed Meeting Must Have Been an Epic Circus by Wolf Richter • Dec 10, 2025 • 161 Comments Amid 3 dissenters in both directions, FOMC cuts by 25 basis points. “Dot Plot” sees 1 cut next year, 3 members see 1 hike. Reserve management purchases of T-bills begins.
CEO of ICE on Making Mortgages “Portable” & “Assumable” in the Era of MBS, and on AI at ICE and its Impact on Hiring by Wolf Richter • Dec 10, 2025 • 30 Comments “I look at our own behavior, which is we’re kind of slow walking some of that kind of hiring now because we’re using these tools.”
Job Openings Jump by 443,000 in 2 Months: Labor Market Retightens, Fed Faces Scenario of Solid Job Market and Accelerating Inflation by Wolf Richter • Dec 9, 2025 • 62 Comments 7.67 million job openings, highest since May, 2nd highest all year, and up from a year ago.
In Edgy Bond Market, 30-Year Treasury Yield Hits 3-Month High, 10-Year Yield Hits 1-Month High, Mortgage Rates Jump by Wolf Richter • Dec 8, 2025 • 79 Comments The expected rate cut gets complicated: A dovish Fed amid rising inflation can spook the bond market.
The Fed Will Talk a lot about “Reserve Balances” and “Reserve Management Purchases” at its FOMC Meetings by Wolf Richter • Dec 8, 2025 • 57 Comments What Are They? And why now?
NAR Says Typical First-Time Homebuyer Age Was 40 in 2025, up from 33 in 2021. But Is this Accurate? by Wolf Richter • Dec 5, 2025 • 65 Comments A narrative gets debunked. The affordability crisis remains.
CMBS: “Commercial Mortgage BS” by John McNellis • Dec 5, 2025 • 36 Comments “We should have learned our lesson and sworn off CMBS forever”: McNellis, commercial real estate developer.
Fed Balance Sheet QT: -$37 Billion in November, -$2.43 Trillion from Peak, to $6.54 Trillion by Wolf Richter • Dec 4, 2025 • 61 Comments Standing Repo Facility at zero, after doing its job calming the repo market at month-end. QT ended on December 1, but in November, QT continued.
Low-Fire Low-Hire Job Market, after Massive Overhiring by Big Tech & Others in 2021 & 2022 by Wolf Richter • Dec 4, 2025 • 61 Comments But today’s initial unemployment insurance claims were a doozie that’ll reverse next week.
Private-Sector Job Trends by Industry: From Job Destruction in “Information” to Job Creation in “Mining & Natural Resources” by Wolf Richter • Dec 3, 2025 • 55 Comments Three-month average job creation dips into negative for the first time since 2020, per ADP data.
Services Inflation Accelerates Further in the Euro Area, Drives Overall & Core CPI Higher by Wolf Richter • Dec 2, 2025 • 20 Comments Services inflation was on the ECB’s worry-list when it kept rates unchanged for the third meeting in a row.
Mortgage Rates, 10-Year & 30-Year Treasury Yields Jump, Wiping out in One Day the Entire Drop of Last Week by Wolf Richter • Dec 2, 2025 • 118 Comments The bond market went back to work on Monday.
Manufacturing Grew for 10th Month of 11 in 2025: S&P. Manufacturing Declined for 9th Month Straight: ISM. What Gives? by Wolf Richter • Dec 1, 2025 • 19 Comments What even are these manufacturing PMIs?
Mortgage Rates Are Not Too High. What’s too High Are Home Prices that Exploded by 40-70% in 2 Years, Creating the “Affordability Crisis” by Wolf Richter • Nov 29, 2025 • 178 Comments But there is a solution to this affordability crisis.
New Vehicle Inflation: the “WOLF STREET Ford F-150 XLT & Toyota Camry LE Price Index” Going back to 1990 v. CPI by Wolf Richter • Nov 28, 2025 • 112 Comments Now updated with the prices for the 2026 model year.
Amazing How Central Bank Money-Printing Reversed around the World after the Inflation Shock by Wolf Richter • Nov 27, 2025 • 80 Comments Balance sheets of the Fed, ECB, BOJ, BOE, and central banks of China, Canada, Australia, Switzerland, and India as % of GDP.
Despite their Ultra-Sour Mood, Americans Splurge at Restaurants & Bars like There’s No Tomorrow by Wolf Richter • Nov 26, 2025 • 170 Comments Far outdistancing inflation and blowing by food & beverage stores.
