Prices fell YoY in 22: Tampa, Austin, Miami, San Diego, Los Angeles, San Jose, San Francisco, Dallas, San Antonio, Houston, Phoenix, Orlando, Atlanta, Denver, Raleigh, Seattle… But rose in Chicago, Boston, New York, Philadelphia…| Wolf Street
Boom-Bust, Boom-Bust?| Wolf Street
CPI for food at home has surged by 30% since January 2020. Food prices are nothing to be trifled with.| Wolf Street
OER weighs 26% of CPI, 33% of core CPI, 44% of core services CPI. It moves the needle. CPI inflation would have been a lot hotter without this outlier.| Wolf Street
Tesla Model Y by far #1 bestseller in California. Cybertruck failed, Model S and X fell off list. Non-Tesla EVs soar to record.| Wolf Street
September marks third year in a row of sales wobbling along crushed levels.| Wolf Street
But debt and interest expense don’t exist in a vacuum.| Wolf Street
Waiting for even lower mortgage rates comes on top of all the big issues that crush demand in the housing market.| Wolf Street
The Condo Bust is spreading, after the most extraordinary Condo Bubble maybe ever.| Wolf Street
The new & improved SRF begins to serve its purpose of allowing the Fed to push QT as far as possible without blowing anything up, unlike last time.| Wolf Street
Oakland, Austin, Cape Coral, New Orleans, San Francisco, Birmingham, Fort Myers, Washington DC, Sarasota, Denver, Hayward, Portland, Phoenix, Naples, St. Petersburg.| Wolf Street
No signs yet of tariffs getting passed through to consumers, neither in durable goods nor in clothing and footwear.| Wolf Street
It’s not nothing: At this pace, tariffs would raise receipts from corporate taxes by 39%, but would make only a dent into the huge US deficit.| Wolf Street
Monthly Archives: June 2025 | wolfstreet.com
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.| Wolf Street
But profits are still huge after the pandemic free-money spike, except in auto manufacturing where losses pile up. Financial industry profits rose to a record.| Wolf Street
Fed’s Nightmare, but it’ll cut anyway: CPI, Core CPI, and Core Services CPI all over 4% annualized. Goods prices spiked for Used Vehicles, Food, Gasoline.| Wolf Street
Monthly Archives: October 2025 | wolfstreet.com
Balance Sheet as % of GDP: Fed, ECB, BOJ, BOE, and Central Banks of Canada, Australia, New Zealand, and Sweden| Wolf Street
Examples: California, Texas, Florida, Washington, Oregon, Colorado, Arizona. In other states, homes still sell faster than before Covid, such as New York and Georgia (barely).| Wolf Street
The Standing Repo Facility got a bit of use on Sept. 15 (corporate tax day) amid minor liquidity strains in the repo market.| wolfstreet.com
Corporate profits, after exploding in the high-inflation era, fell this year. Tariffs are very difficult to pass on after the price spikes in 2020-2022.| Wolf Street
Tag Archive for brick-and-mortar-meltdown | wolfstreet.com
Prices rose from the collapsed levels in the prior year and are back where they’d been in 1996, down by 70% from the peak in 2005.| Wolf Street
Monthly Archives: July 2025 | wolfstreet.com
Monthly Archives: September 2025 | wolfstreet.com
Oakland, Austin, New Orleans, Cape Coral, San Francisco, Birmingham, Washington DC, Fort Myers, Denver, Portland, Phoenix, Sarasota, Naples, Hayward.| Wolf Street
Utility-scale battery capacity tripled in two years. California and Texas are the giants.| Wolf Street
Bond market reacts to inflation expectations and supply of new bonds, not the Fed’s policy rates.| Wolf Street
But the hot air was let out of pandemic-era gross margins, operating earnings, and net income. Sellers of existing homes should pay attention.| Wolf Street
Oakland, Cape Coral, Austin, San Francisco, Denver, Tampa, Seattle, New York City, St. Petersburg, Fort Myers, Sarasota, Boise, Jacksonville, Detroit, New Orleans, Portland, Arlington (TX), Naples, Mesa, Aurora (CO), Reno, Scottsdale, Phoenix, Orlando, Garland| Wolf Street
With US debt issuance threatening to blow all fuses, foreign demand is an increasingly important question.| Wolf Street
Amid only one dissent, FOMC Cuts by 25 basis points. “Dot Plot” sees 50 basis points in additional cuts in 2025. Risks shift to labor market. QT continues.| Wolf Street
Some big shifts related to tariffs. But our Drunken Sailors keep on splurging.| Wolf Street
Single-family giants are selling houses they bought amid the Housing Bust and shifted to new construction of build-to-rent developments. Multifamily caught up in CRE turbulence.| Wolf Street
Taxpayers and investors are mostly on the hook this time, not banks.| Wolf Street
After inflation, “real” yields on money-market funds are near 2%, and households kept pouring cash into them. But CDs lost ground.| Wolf Street
At this pace, tariffs will raise an additional $230 billion in corporate taxes a year. US nonfinancial corporate profits spiked to $3 trillion a year.| Wolf Street
Monthly Archives: August 2025 | wolfstreet.com
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.| Wolf Street
Clothing & general merchandise online retailers are the biggie.| Wolf Street
Our Drunken Sailors and their Credit Cards.| Wolf Street
Home prices fell YoY in 20 of our 33 metros: Tampa, Austin, Miami, San Diego, San Jose, San Francisco, San Antonio, Dallas, Phoenix, Orlando, Atlanta, Denver, Raleigh, Houston, Seattle… Some still up YoY: Boston, Chicago, New York, Philadelphia…| Wolf Street
Drunken Sailors going about their lives, spending money, moving the economy forward.| Wolf Street
Food prices also spiked. Energy prices surged due to diesel, jet fuel, and industrial electric power. Ugly all around.| Wolf Street
Subprime is, as always, in trouble, which is why it’s subprime – high-risk-high-profit auto sales & lending that can entail steep losses.| Wolf Street
Turns out, younger people live their lives, and have always done so.| Wolf Street
The epic red-hot turnover in the labor market in 2021 and 2022 that had reshuffled the entire work force is over.| Wolf Street
In some industries, profits surged. In others, profits sagged. By major industry.| Wolf Street
The job creation machine is running at a decent pace, unemployment is historically low, but it’s not evenly spread across all industries.| Wolf Street
Last remaining bailout tool from the March bank panic goes away. Current arbitrage may have been a factor in shutting down this baby.| Wolf Street
Hopes that Return to Office will bail out the office sector of CRE seem premature: Data on office attendance and Working from Home.| Wolf Street
Over the past 25 years, the yield curve predicted 4 business-cycle recessions, two of which didn’t come. So we handle it with care.| Wolf Street
The series, started in 2017 to document visually the surging home prices amid the Fed’s interest rate repression, will now get bigger and better.| Wolf Street
Dear Readers, many of you have donated to support WOLF STREET. Thank you so much. This site depends on you.| Wolf Street
Wolf Richter| wolfstreet.com
Total debt rose over the years as a larger population financed more costly collateral. But income rose too.| Wolf Street
Subprime is the mother lode of profits – until it isn’t. | Wolf Street
Monthly Archives: August 2024 | wolfstreet.com
Delinquency rates unchanged, more buyers paid cash to dodge interest rates, prime is pristine, subprime (14% of originations) is (always) in trouble.| Wolf Street
QT-1 blew up the repo market. This time around, the Fed wants to avoid that type of debacle so it wouldn’t have to “prematurely” end QT-2.| Wolf Street