Stocks, Bonds & CRE Face QT
Fundamentals for markets have boiled down to QE or QT since 2009. Now there’s QT, a lot of QT, globally, to battle the worst inflation in decades. Support the show
Oct 01, 2023•13 min
THE WOLF STREET REPORT
The stories behind business, finance, and money.
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Episodes
Revenge of Variable-Rate Commercial Debts
Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window. Support the show
Jun 25, 2023•15 min
Free Money Turned Brains to Mush. Now Some Banks Fail
The Fed ended Free Money, and the only thing it broke is the consensual hallucination that spawned during the Free Money era. And look what we got. Support the show
Mar 19, 2023•13 min
Housing Bust #2 Has Begun
Some markets are already deep into it, others just started. A sobering trip from the free-money decade in la-la-land, back to normal. Support the show
Feb 26, 2023•15 min
What’s Behind the Mass Layoffs in Tech & Social Media?
Drunk with Easy Money, companies were hogging office space and workers for a future that did not come. Support the show
Jan 22, 2023•11 min
The Price of Easy Money Now Coming Due
The Crazy Stuff and Crazy Asset Prices that arose during Easy Money started blowing up when Easy Money ended. Support the show
Dec 18, 2022•15 min
Where’s the Contagion from the Crypto Implosion?
As the FTX collapse shows, the shenanigans guarantee smooth, efficient contagion inside the crypto zone. But beyond it? Support the show
Nov 13, 2022•11 min
The Housing Bubble Pops, and the Fed Can Let it Rip
Raging inflation knocked out the “Fed put,” and banks are no longer on the hook for mortgages; taxpayers and investors are. Support the show
Oct 30, 2022•15 min
Return of the Bond Vigilantes Sent Shockwaves Around the Globe
Deficits don’t matter – until the bond vigilantes ride into town. Support the show
Oct 16, 2022•12 min
Something Big Has Already Broken: Price Stability
The Fed will tighten “Until Something Breaks” and then pivot? Wait a minute... Support the show
Oct 09, 2022•11 min
This Inflation Will Be Tough to Get under Control
Higher interest rates and mortgage rates for much longer, with lower asset prices, as the Everything Bubble gets dismantled. Support the show
Sep 18, 2022•13 min
Housing Bubble Getting Ready to Pop: The Big Boys Leave, Wait for Market to Reset
Biggest investors in single-family houses: “We need to be patient and allow the market to reset.” Support the show
Aug 08, 2022•11 min
Markets Are “Fighting the Fed”
One of the most important dictums in US finance is this: “Don’t fight the Fed.” And this could get ugly. Support the show
Jul 31, 2022•12 min
Big Tech & Startups Getting Ready for Reality
Shedding People, Offices, and Warehouses. It’s kind of sobering. Reality has that effect, after a drunken binge. Support the show
Jul 24, 2022•14 min
US Dollar Exchange Rates & Inflation: What’s Next?
The USD had a heck of a ride, which kept inflation from spiking even further. But it may not last much longer. Support the show
Jul 10, 2022•11 min
Leverage & Interconnectedness Are Blowing Up Crypto & DeFi
That’s what’s different this time: Stuff is blowing up because of leverage, and the blow-ups cascade through the crypto space because everything is now interconnected. Those weren’t factors in prior “crypto winters.” Support the show
Jul 04, 2022•13 min
What’s Behind the Collapse of so Many Stocks since Feb 2021?
This crash beneath the surface showed something had broken, that the magic had died, that hype and hoopla were suddenly unable to carry the day. Support the show
Jun 20, 2022•13 min
Dotcom Bust 2, New & Improved
But we’ve had it so good for so long. And it was so easy, and it made everyone look like a genius. Support the show
Jun 06, 2022•12 min
Tech Bust Takes Next Step: Layoffs & Hiring Freezes
Dotcom Bust 2 has begun. Only bigger. Support the show
May 29, 2022•12 min
Bond Massacre, Inflation Prick Biggest Bond Bubble in History
The dollar’s role as dominant global reserve currency is at risk if the Fed fails to crack down on inflation. Support the show
Mar 28, 2022•14 min
This Stock Market Is Coming Unglued Stock by Stock
The mayhem that has totally crushed one stock after another for a year breaks through the surface. Support the show
Feb 28, 2022•9 min
The Fed Lost Control of the Inflation Narrative
Mega-policy decisions to boost demand. Now mega-consequences. Support the show
Nov 01, 2021•16 min
China’s Model of Dictated Economic Growth Blew Up
What’s left of the debt-fueled property speculation that drove growth is a huge explosive mess and an enormous amount of debt. Support the show
Oct 18, 2021•13 min
China's Crackdown on Debt, Tech & Evergrande Sends Frazzled Wall Street Titans to China
The property sector and its debts are possibly the biggest financial mess in China’s history. Support the show
Sep 20, 2021•12 min
What a Collapse of China’s Evergrande Would Mean
China still hasn’t bailed out investors in the property developers, to the shock of foreign investors who’d bought their dollar bonds. Could the forced deleveraging trigger a financial crisis? Support the show
Sep 13, 2021•11 min
Free Money and the Shortages
Enough consumers, flush with free money, suddenly eager to pay those high prices, particularly for big-ticket items they didn’t have to buy. Magic Mix. Support the show
Aug 30, 2021•12 min
The Most Monstrously Overstimulated Economy & Markets Ever
The Fed will trim back its stimulus, but it’s already too late, and it’ll be too little and too slow. Support the show
Aug 23, 2021•10 min
What’s Behind this Messed-Up Bond Market?
The Fed. And then the Fed steps away. Support the show
Aug 16, 2021•12 min
Dollar’s Purchasing Power Gets Zapped. It’s Permanent
This combo of massive QE, repressed interest rates, huge government stimulus with borrowed money, and raging inflation is new in recent history. Support the show
Aug 02, 2021•13 min
“Temporary” Inflation Is Turning into Inflation Spiral
Get Used to Higher Inflation. My Thoughts on the Biggest Mess I’ve Seen in Decades. Support the show
Jul 12, 2021•10 min
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