Bank of Japan’s QT Cuts $502 billion from Balance Sheet. JGB Yields Surge as BOJ Steps away from Bond Market

by Wolf Richter • Jan 6, 2026 • 5 Comments

Japanese Government Bond 10-year yield rose to 20-year high of 2.13%, 30-year yield hit 3.50%.

Fed’s Standing Repo Facility (SRF) Drops to Zero, from $75 billion on the Last Balance Sheet as Yearend Liquidity Turmoil Dissolves

by Wolf Richter • Jan 5, 2026 • 22 Comments

The Fed’s weekly balance sheet on Thursday will show a substantial drop in total assets.

“Locked-in” Homeowners Nevertheless Pay Off Below-4% Mortgages: their Share Drops to Lowest since Q4 2020

by Wolf Richter • Jan 3, 2026 • 108 Comments

Slowly unwinding a phenomenon that wrecked the housing market.

Would You Like to Reach WOLF STREET Readers to Find that Perfect Talent for a Great Job, or to Pitch your Products & Services?

by Wolf Richter • Dec 26, 2025

WOLF STREET readers are a fantastic bunch, and they’re right here.

Year-End Liquidity Turmoil on Fed’s Balance Sheet. Plus $38 Billion in T-bills Replace $15 Billion in MBS, Add $23 Billion in RMPs

by Wolf Richter • Jan 2, 2026 • 34 Comments

Standing Repo Facility spiked to $75 billion for a day, then fell back; ON RRPs spiked to $106 billion, then fell back.

Tesla’s Deliveries Plunge, Worst Q4 since 2022. Annual Sales Drop for 2nd Year. Cybertruck now a Failed Model

by Wolf Richter • Jan 2, 2026 • 116 Comments

But Model Y was #1 US bestseller through Q3 before EV incentives ended. And Tesla’s hype machine works: TSLA trades at a P/E ratio of 300, other automakers at 10 to 20.

Long View of the S&P 500 & Stock Markets of Canada, Japan, China, Hong Kong, India, UK, France, Germany, Italy, Spain

by Wolf Richter • Dec 31, 2025 • 69 Comments

American hot money piling into some foreign markets produced gigantic gains in 2025 (Spain +49%).

Asking Rents in 33 Bigger Cities: Where they Spike, Rise more Slowly, or Fall. US Rents for Single-Family Homes Surge, Pull Further away from Multifamily

by Wolf Richter • Dec 30, 2025 • 53 Comments

Rents spiked in San Francisco, Chicago, NY City, Rochester, Kansas City… rose more slowly in others… fell in Austin, Denver, San Antonio, Phoenix…

IPO Bloodletting after “Pop” in 2025: Venture Global, CoreWeave, Figma, Klarna, Bullish, Circle Internet, Navan, Firefly, Fermi…

by Wolf Richter • Dec 29, 2025 • 51 Comments

Of the largest 20 IPOs, 14 trade below their IPO price; only 6 trade above it. Many plunged from their post-IPO pop.

Status of the US Dollar as Global Reserve Currency: USD Share Drops to Lowest since 1994

by Wolf Richter • Dec 26, 2025 • 156 Comments

Central Banks diversify their holdings into dozens of smaller “non-traditional reserve currencies.”

US Government Interest Payments to Tax Receipts, Average Interest Rate on the Debt, and Debt-to-GDP Ratio in Q3 2025

by Wolf Richter • Dec 24, 2025 • 102 Comments

Update on a slightly less ugly situation.

WHOOSH, Went the Economy in Q3. The Fed Needs to Watch Out, Economy Is Running Hot

by Wolf Richter • Dec 23, 2025 • 123 Comments

Strong consumer spending growth (despite Sour Mood), big improvement of trade deficit, and government spending growth after two quarters of declines.

Carry Trade at Risk: Japan’s 10-Year JGB Yield Hits 25-Year High, Yield Curve Steepens, Finance Ministry Verbally Props Up Yen

by Wolf Richter • Dec 22, 2025 • 49 Comments

Ridiculously-behind Bank of Japan is trying to deal with a huge multi-decade monetary mess without crashing global markets.

Oh Deary, Condo Prices Already Dropped by 12% to 30% in these 28 Bigger Markets

by Wolf Richter • Dec 20, 2025 • 55 Comments

Across the US, after a mindboggling Condo Bubble, from Manhattan (-19%) to Oakland (-29%), from Cape Coral (-30%) to Seattle (-14%).

Single-Family Home Prices Barely up YoY, Condo Prices Fall, Highest Supply for Nov in Years, Sales at Housing Bust Levels

by Wolf Richter • Dec 19, 2025 • 95 Comments

The beginning of the 4th year of demand destruction in the resale market after the price explosion from mid-2020 to mid-2022.

Today’s Doctored CPI Inflation Release is like a Bad Joke, but Very Serious (though it Suits the Administration’s Narrative)

by Wolf Richter • Dec 18, 2025 • 280 Comments

No CPI data for October, partially made-up CPI data for November, and now 3 months’ of doctored OER data which weighs 26% of overall CPI.

Lennar Further Cuts Average Sales Price of New Homes, to Lowest since 2017, -25% from Peak: That’s what this Housing Market Needs

by Wolf Richter • Dec 17, 2025 • 65 Comments

Lower prices & lots of new supply. Deliveries & backlog rose. Profit margins, profits, & shares plunged.

The Most Splendid Housing Bubbles in America: Price Drops & Gains in 33 Large Expensive Metros in November 2025

by Wolf Richter • Dec 16, 2025 • 49 Comments

Every housing market dances to its own dynamics.

The Fed Should Look at Private-Sector Jobs Growth and Not Get Distracted by the Massive Federal Government Job Cuts

by Wolf Richter • Dec 16, 2025 • 88 Comments

Federal government slashed 172,000 jobs in 3 months, Private Sector gained 225,000, the most since May.

Treasury Yield Curve Steepens Sharply, Yields from 2 Years to 30 Years Have Risen as the Fed Cut Three Times this Year

by Wolf Richter • Dec 15, 2025 • 92 Comments

The bond market faces the duo of Inflation and Supply.

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 • 95 Comments

All of it to fund the ballooning debt that hit $38.4 Trillion. Shift to T-bill issuance has begun.