US Government sold $651 billion of Treasury securities this week into these rising yields.

Dropping gasoline prices since mid-2022 papered over big price increases in electricity and natural gas. But that’s now over.

Condo sales plunged to a record low shared with two other months.

For the US, the Strait of Hormuz blockage is a Price Shock and inflation problem, not a Supply Shock. For Europe and Asia, it could turn into a Supply Shock if the blockage persists.

The annual adjustments of the labor force to the new population estimates are in, and they’re revealing.

Even as miles driven rose to a record.

And the price of US natural gas fell back to where it had been 30 years ago.

Despite only tepid job creation by the private sector, unemployment remains historically low.

It might not make much difference now, but it would during a housing crash.

Domestic private demand, without government and trade, rose by 2.4% adjusted for inflation.

This is precisely what this overpriced and frozen housing market needs.

Sold $54B of 10-Year Treasury notes at 4.18% to replace $25B of maturing 1.73% 10-year notes, pushing up amount outstanding by $29B.

Much lower margins, lower revenues per square foot, and lower construction costs. “We are adapting to market conditions as they are and not waiting for the market to bounce back”: CEO.

Not good.

California is back over $5. Prices in Texas jumped by 25% month to month, to over $3.23.

The bond market flipped from haven trade to inflation trade.

Adding T-bills, shedding MBS, Treasury note & bond balances on ice, SRF unused.

The US has become a large exporter of value-added petroleum products, including diesel and gasoline.

Despite the hoopla about data centers, spending on factory construction was five times larger.

Despite the wailing about tapped-out, struggling and cracking consumers, the credit card delinquency rate dropped to multi-year low.

The ugly debt monster grew faster than current-dollar GDP.

Markets not surprised. 10-year Treasury yield rises modestly.

Machinery, fabricated metals, electrical equipment, motor vehicles, and nondefense aircraft all hit records.

Gasoline & used-vehicle prices plunge, food inflation backs off for a moment, natural gas bills jump.

Energy spike is still to come. The Fed needs to pay attention.

The Bad-Joke of Owners Equivalent of Rent (OER) explained.

The Futures Market is where the Imbeciles go nuts.

Big structural changes in spending patterns created winners and losers.

Double-digit increases in employee health insurance costs hold down wage increases.

It undid more than the entire haven trade that had started on Thursday and blew through the hot PPI inflation on Friday.

It will further fuel the acceleration of the Fed-favored PCE Price Index.

Power generation surged for the second year amid a struggle to power AI data centers.

The PCE price index gets pushed down far less by the doctored housing index than CPI does because housing weighs half as much in PCE.

“Improving affordability conditions have yet to induce more buying activity”: National Association of Realtors.

The high-risk, high-profit ecosystem of subprime auto loans is not for the squeamish.