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Wild Ride to Nowhere Since Jan 2018: What the US Stock Market Looks Like Minus APPL, MSFT, AMZN, GOOG, FB
Wild Ride to Nowhere Since Jan 2018: What the US Stock Market Looks Like Minus APPL, MSFT, AMZN, GOOG, FB Entire market of 3,451 stocks minus “Giant 5” is down 1% from Jan 2018. But wow, the volatility! You would have been better off with a despicable freaking savings account. The market capitalization of the […]
Plot Thickens on End of QE & Start of Shedding Assets
Plot Thickens on End of QE & Start of Shedding Assets Fed leads in trimming its balance sheet; Bank of England governor publishes the reasoning for central banks to shed assets – before raising interest rates. A big shift! The Fed has been cutting back for weeks on its asset purchases, and on its last […]
An Epically Bad Week for US Brick-and-Mortar Retailers and Landlords
An Epically Bad Week for US Brick-and-Mortar Retailers and Landlords Winners in this crisis: Ecommerce – for retailers that don’t sell men’s office & formal wear – and for sure, lawyers. Tailored Brands, a holding company for men’s apparel stores, including Men’s Wearhouse and JoS. A. Bank, is considering filing for bankruptcy, according to sources cited by Bloomberg on June […]
America Convulses in Pain, Fed Bails Out the Wealthy
America Convulses in Pain, Fed Bails Out the Wealthy What’s so insidious about the Fed’s bailouts of investors in hedge funds, mortgage-REITS, stocks, bonds, leveraged loans, and other often risky assets? The destruction of capitalism. By Wolf Richter. This is the transcript of my podcast last Sunday, THE WOLF STREET REPORT. You can listen to it […]
Wow, That Was Fast: Debt Out the Wazoo
Wow, That Was Fast: Debt Out the Wazoo US National Debt Spiked by $1 trillion in 5 weeks to $26 trillion. Fed monetized 65%. Business debts spike to high heaven. Trillions are now whooshing by at a breath-taking pace. The US gross national debt – the total of all Treasury securities outstanding – jumped by […]
The Chilling Things Delta Said about the Airline Business, the 90% Collapse in Q2 Revenues, and Why Some Demand Destruction May Be “Permanent”
The Chilling Things Delta Said about the Airline Business, the 90% Collapse in Q2 Revenues, and Why Some Demand Destruction May Be “Permanent” Shares go to heck after the mother of all revenue-warnings, plunge 20% in two days, including 7% after hours. Its disclosure confirms Buffett’s decision to dump his airlines in mid-crash. Delta Airlines […]
What Horrified Fund Managers, Banks & UK’s Pension Minister Said About the Bank of England’s Sudden “We Don’t Rule Out” Negative Interest Rates
What Horrified Fund Managers, Banks & UK’s Pension Minister Said About the Bank of England’s Sudden “We Don’t Rule Out” Negative Interest Rates “The stimulus the country urgently needs is not experimental and dangerous monetary policy.” Andrew Bailey, the recently appointed governor of the Bank of England (BoE), is considering going where no other BoE […]
Week 9 of the Collapse of the U.S. Labor Market: Still Getting Worse at a Gut-Wrenching Pace
Week 9 of the Collapse of the U.S. Labor Market: Still Getting Worse at a Gut-Wrenching Pace Federal Pandemic Unemployment Assistance (PUA) for gig workers doubles initial claims under state programs. Here are the “Insured Unemployment Rates” for each of the 50 states & DC. The moment the unemployment crisis stops getting worse and bottoms out […]
A Word About the Current Chaos in Prices and Inflation
A Word About the Current Chaos in Prices and Inflation Some prices collapsed, others skyrocketed, and the Consumer Price Index went haywire. Here’s what I’m seeing beyond the near term — and it’s not “deflation.” Amid soaring prices of meat, beverages, fruit, veggies, and other food at home, and surging costs of personal goods, medical […]
US National Debt Spiked by $1.5 trillion in 6 Weeks, to $25 trillion. Fed Monetized 90%
US National Debt Spiked by $1.5 trillion in 6 Weeks, to $25 trillion. Fed Monetized 90% I’d never imagined I’d ever see this sort of spike, though in recent years I added an upward arrow with “Debt out the wazoo” to my charts, not realizing just how factually accurate this technical term would become. The […]
THE WOLF STREET REPORT: Nothing’s Fixed – What’s Behind the Corporate Debt Bailout
THE WOLF STREET REPORT: Nothing’s Fixed – What’s Behind the Corporate Debt Bailout Over the past two years, nobody knew what would trigger the next financial crisis, but just about everyone knew it would involve the record pile of corporate debt. And so it happened. Now the Fed fixed it…
European Banks Reveal Scale & Complexity of Crisis. Shares Hammered Back to 1987 Level
European Banks Reveal Scale & Complexity of Crisis. Shares Hammered Back to 1987 Level They haven’t gotten over Financial Crisis 1 and the Euro Debt Crisis. Now there’s a new crisis. Deutsche Bank’s CEO going on TV to soothe nerves didn’t help matters. The biggest European banks have started to report their earnings against a […]
Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline, Jet Fuel, and Diesel
Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline, Jet Fuel, and Diesel It started in mid-February for jet fuel and in mid-March for gasoline. Oil companies are reporting financial fiascos every day: Today Exxon reported its first quarterly loss since 1999 ($610 million), on a “market-related” $2.9 billion write-down. “We’ve never seen […]
Fed Drastically Slashed Helicopter Money for Wall Street. QE Down 86% From Peak Week in March
Fed Drastically Slashed Helicopter Money for Wall Street. QE Down 86% From Peak Week in March Fed shed MBS. Loans to “SPVs” flat for fifth week. Repos in disuse. Fed still hasn’t bought junk bonds, stocks, or ETFs. But it sure sent Wall Street dreaming. Total assets on the Fed’s balance sheet rose by only $83 billion […]
How Far Will the U.S. Economy Plunge During Lockdown?
How Far Will the U.S. Economy Plunge During Lockdown? “Three times deeper than the Great Recession?” No one has ever been through an economy where enormous shifts have occurred, from one day to the next, shutting down part of the economy but also generating sectors that are vastly more vibrant than ever before. Monthly or […]
