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Just when the resource boom has collapsed. And manufacturing too. But at least the housing bubble is still going strong.

After ON RRPs go to zero, reserves will decline, further reducing the Fed’s interest expenses and losses. But it’s not straightforward.

All that makes sense, but why are there still any cash-out refis when people could take cash out via HELOCs, without losing a 3% mortgage?

Turns out, collapse of the currency is the price Japan is now paying for years of crazed monetary policies.

Retail sales by major segment: huge winners (on top: ecommerce and general merchandise retailers), and some big losers.

When CRE hits investors, fine, they were paid to take those risks. But we’re a little more squeamish when it comes to banks.