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“The US economy is at the mercy of Jerome Powell and Janet Yellen” While Americans struggle to pay their bills amid soaring inflation, the institutions we rely on to wrestle the economy back to stability are engaged in a secret power struggle which only worsens the impending crisis. Federal Reserve Chair Jerome Powell and Treasury…
“Tech’s slow-motion crash is now Mayor Eric Adams’ problem” Not even a week after Facebook laid off 871 New York City employees and not even two after Twitter laid off 418 locals, Mayor Eric Adams announced the city’s deficits over the next 3 ½ years are $1.5 billion worse than he projected in July, for a total $13.4…
“Home sales plunge to lowest level in 10 years as prices stay high despite high mortgage rates” Sales of previously occupied US homes fell in October for the ninth month in a row to the slowest pre-pandemic sales pace in more than 10 years, as homebuyers grappled with sharply higher mortgage rates, rising home prices…
“Why the ‘floor is coming’ for US housing market: economist” The US housing market is likely close to hitting a bottom following months of plummeting buyer demand and falling home prices, a prominent economist said in a note to clients this week. Homebuilder confidence fell for the 11th straight month in November and plunged to…
“Jobless claims drop as widespread layoffs remain low” The number of Americans filing new claims for unemployment benefits fell last week, showing widespread layoffs remain low despite a surge in technology-sector job cuts that has raised fears of an imminent recession. The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy’s…
“Michael Burry cryptically says market has ‘no idea how short I am’” “The Big Short” sage Michael Burry revealed he’s up to some of his old tricks during this latest period of market upheaval. Burry, whose bet against subprime mortgages were immortalized in the 2015 film, made a cryptic reference to new short positions on…
“‘Might be in for soft landing after all:’ Retail sales rise more than expected in October” Retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early in the fourth quarter, which could help to support the economy. The solid retail sales reported…
“NY budget swells to $104B despite Adams-ordered 3% cuts” Projected city spending will surge to $104 billion this fiscal year — up about $3 billion — despite across-the-board budget cuts ordered by Mayor Eric Adams in September, City Hall said Tuesday. The added spending includes as much as $1 billion on the migrant crisis, with…
“Wholesale inflation eases to 8% in October” Prices at the wholesale level rose 8% in October from a year ago, the fourth straight decline and the latest sign that inflation pressures in the US are easing from painfully high levels. The annual figure is down from a revised 8.4% in September. On a monthly basis, the government…
“Beware, Fed, of the coming credit market hangover” Warren Buffett famously said that only when the tide goes out will you find out who’s been swimming naked. By this he meant that it’s only when money is no longer cheap will you find out who borrowed imprudently and which borrowers are at risk of default….