eco
-
Wolf Street
-
17
hours ago
The Foreign Investors Who Bought the Recklessly Ballooning US Debt: July 2025 Update
US Treasury debt surged by $441 billion since the debt ceiling, to $36.7 trillion. Foreign demand for this stuff is an increasingly important issue.
eco
-
Wolf Street
-
1
day ago
My Thoughts about those June Retail Sales
Tariff-frontrunning ruffled the numbers earlier. That dust has settled.
eco
-
Wolf Street
-
2
days ago
The Most Splendid Housing Bubbles in America, June 2025: The Price Drops and Gains in 33 Large Expensive Metros
US home prices nearly flat YoY, but fell in 21 of our 33 metros: Austin, Tampa, Miami, San Diego, San Jose, San Francisco, Los Angeles, San Antonio, Dallas, Phoenix, Orlando, Atlanta, Denver, Raleigh, Houston, Seattle… YoY gains shrink further in Boston, Chicago, New York…
eco
-
Wolf Street
-
3
days ago
The Most Splendid Housing Bubbles in Canada, June 2025: Single-Family and Condo Prices Plunge to Multi-Year Lows in Toronto, Hit Record High in Montreal
And everything in between: Vancouver, Victoria, Calgary, Ottawa, Halifax, Edmonton, Quebec City, Winnipeg.
eco
-
Wolf Street
-
3
days ago
Fed’s Nightmare: CPI Inflation in Services Reheats (not tariffed), while Inflation in Durable Goods, Apparel and Footwear (tariffed) Remains Cool
While pundits looked with their magnifying glasses for tariffs in consumer goods prices, it was in services, which are not tariffed, where inflation took off again. Shocker? No
eco
-
Wolf Street
-
4
days ago
Homes for Sale Also Surge in Washington D.C., Boston, New York, Philadelphia, Chicago, and Detroit, but Are Still Very Low
They’re among the stragglers, behind other big markets whose inventories have shot up to at least decade-highs.
eco
-
Wolf Street
-
6
days ago
30-Year Treasury Yield Jumps to 4.96% despite “Solid” Auction, Long End of Yield Curve Steepens, Mortgage-Rate Spread Historically Wide
The bond market’s reaction to the inflationary environment, to fears of a lax Fed, and to a Mississippi River of new debt.
eco
-
Wolf Street
-
7
days ago
Inventory of Homes for Sale Blows Out in Texas, Price Cuts Spike
The situation in Texas and its four big metros, Houston, Dallas-Fort Worth, Austin, and San Antonio.
eco
-
Wolf Street
-
8
days ago
Homes for Sale in Florida’s Biggest Markets Rise to Highest in Many Years and Languish as Demand Fizzled
He who panicked first panicked best.
eco
-
Wolf Street
-
8
days ago
ECB Balance Sheet: QT Assets Drop by €64 Billion in June, by €3.18 Trillion from Peak, to €3.98 Trillion, Lowest since June 2020
It also wrote down its €1 trillion in gold by €30 billion due to its price decline in euros in Q2.
eco
-
Wolf Street
-
8
days ago
ECB Balance Sheet: QT Assets Drop by €64 Billion in June, by €3.18 Trillion from Peak, to $3.98 Trillion, Lowest since June 2020
It also wrote down its €1 trillion in gold by €30 billion due to its price decline in euros in Q2.
eco
-
Wolf Street
-
9
days ago
The (Declining) Status of the US Dollar as Global Reserve Currency: Central Banks Diversify into other Currencies and Gold
There was an extra-special spectacle in Q1 among the Swiss franc, Australian dollar, British pound, and Japanese yen.
eco
-
Wolf Street
-
10
days ago
Inventories of Homes for Sale in Big California Markets Jump to Highest in Years, Days on the Market Soar, Demand Withered
Listings YoY: Orange County +66%, San Diego +55%, Fresno +48%, Sacramento +47%, Los Angeles +45%, Riverside-San Bernadino +43%, San Jose and Silicon Valley +39%; San Francisco metro +30%.
eco
-
Wolf Street
-
10
days ago
Used Car and Truck Wholesale Prices Been Rising for a Year, in Part Driven by Surging Prices of Used EVs
Amid tight supply and solid demand.
eco
-
Wolf Street
-
11
days ago
Bank of Japan Balance Sheet QT: -¥12 Trillion in Q2, -¥39 Trillion from Peak, to ¥717 Trillion. Sold Nearly All its Bank Stocks
Quantitative Tightening accelerated further. With its bank stocks gone, the BOJ may start selling its equity ETFs soon.
eco
-
Wolf Street
-
12
days ago
The Housing Markets of Europe: From Most Splendid Housing Bubbles to Go-Nowhere Markets
Germany, France, Italy, Spain, Netherlands, Poland, Belgium, Sweden, Ireland, Austria, Norway, Denmark, Romania, Czech Republic, Finland, Portugal
eco
-
Wolf Street
-
15
days ago
Fed Balance Sheet QT: -$13 Billion in June, -$2.31 Trillion from Peak, to $6.66 Trillion. New Milestone: 3 Years of QT
The new and improved Standing Repo Facility (SRF) sprang into action for one day at quarter-end on June 30.
eco
-
Wolf Street
-
15
days ago
Beneath the Surface of the Employment Report: How Jobs Evolved by Industry over Time, Winners and Losers
The job creation machine is running at a decent pace, unemployment is historically low, but it's not evenly spread across all industries.
eco
-
Wolf Street
-
16
days ago
Despite Ugliness at Stellantis, Nissan and Tesla, New Vehicle Sales in Q2 Rose to the Best Q2 since 2021. But June Stalled
Cybertruck may be entering automotive history as the most expensive failed model ever.
eco
-
Wolf Street
-
17
days ago
Office CMBS Delinquency Rate Spikes to Record 11.1% in June, Worse than Financial Crisis Meltdown Peak, after 3-Month Relapse
A Los Angeles tower, FEMA headquarters in Washington, 100-year-old tower in Manhattan join list; some delinquent loans were “cured,” including by transfer to a custodial receiver and extend and pretend, and came off the list.
eco
-
Wolf Street
-
17
days ago
Tariff Cash Is Rolling In: June’s Record Take Spikes by $20.5 Billion Year-over-Year
Businesses have been paying them out of their huge profits and have not been able to pass them on to consumers so far.
eco
-
Wolf Street
-
17
days ago
Underlying Labor Market Dynamics Are Solid, Recession Stays on the Back Burner
Companies don’t just suddenly drop everything to stew in their own juices.
eco
-
Wolf Street
-
18
days ago
Exit from the “Lock-in” Effect Slowed in Q1 as Home Sales Deteriorated Further and Supply Spiked
By the time they finally wanted to sell their home, it wasn't easy anymore because demand had plunged, and fewer of those mortgages got paid off.
eco
-
Wolf Street
-
20
days ago
The Historically Wide Spread between the 10-Year Treasury Yield and Mortgage Rates Widened Again: Some Thoughts
Mortgage rates, QT, yield spreads, inflation, and a bond market that is not to be trifled with.
eco
-
Wolf Street
-
21
days ago
That Drop in Consumer Income in May Was a False Recession Alarm
Wages and salaries rose at a solid pace, but Social Security payments returned to trend after a spike in April due to policy changes.
eco
-
Wolf Street
-
21
days ago
PCE Inflation Accelerates. But Tariffs Haven’t Shown Up Yet: Why the Fed Is in Wait-and-See Mode
The 6-month PCE price index accelerated to 2.8% annualized, despite dropping energy prices. It’s been 2.7% to 3.3% in 2025, sharply higher than in the 2nd half of 2024.
eco
-
Wolf Street
-
22
days ago
The Corporate-Profit Explosion Stalls in Q1, on the Eve of the New Tariffs
In some industries, profits surged. In others, profits sagged. By major industry.
eco
-
Wolf Street
-
23
days ago
Inventory of New Single-Family Homes for Sale Highest since 2007, amid Record Pile-up in the South, as Sales Drop: Homebuilders Face a Tough Market
Lennar’s average sales price drops to lowest since Q2 2020, gives up entire 2020-2022 price explosion. Homeowners wanting to sell have no idea what they’re up against.
eco
-
Wolf Street
-
24
days ago
The Somewhat Bedraggled US Dollar against the Euro, Yen, Canadian Dollar, Dollar Indices, and Soft Currencies like the Indian Rupee
No longer the cleanest dirty shirt.
eco
-
Wolf Street
-
25
days ago
Condo Sales Drop to Lowest in the Data, Supply Highest since Housing Bust. Single-Family Home Sales Below 1995, Supply Highest since 2016
Demand destruction on an epic scale, after the price explosion. And inventories are piling up.
eco
-
Wolf Street
-
26
days ago
The 10 Big Cities with the Biggest Price Declines of Single-Family Homes (-8% to -22%) from Peak through May
Austin, Oakland, New Orleans, San Francisco, Washington D.C., Denver, Portland, Phoenix, Fort Worth, San Antonio.
eco
-
Wolf Street
-
28
days ago
Who Held or Bought the Huge US Government Debt even as the Fed Shed Treasury Securities in Q1? An Iffy Situation
Here's who dumped and who bought over the years through Q1.
eco
-
Wolf Street
-
29
days ago
The Condo Bust Is Here: Prices Dropped Already 10% to 23% in 20 Bigger Cities, Unravel the Most Splendid Condo Bubble Ever
Oakland, Austin, St. Petersburg, Fort Myers, San Francisco, Boise, Jacksonville, Detroit, New Orleans, Arlington, Tampa, Reno, Seattle, Denver, Mesa, Chandler, Portland, Aurora, Phoenix, San Antonio.
