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Financial markets are worthless in predicting future events. To wit, in mid-January Wall Street was predicting that the Fed would cut the Fed funds rate by a total of 170bps in 2024, almost seven quarter-point cuts, even though the Fed…

Through the first four months of FY24 (October-January) the budget deficit reached $532 billion, up 16% or $73 billion compared to a deficit of $459 billion during the same period in FY2023. While seemingly expansionary, the increase was more than…

In 23Q4, consumer debt rose $212 billion. Mortgage balances increased $112 billion, HELOCs rose $11 billion, credit card balances added $50 billion, auto loans were up $12 billion, and other balances such as retail cards and consumer loans increased $25…

The Friday File: Since the start of CY2019, the KC Chiefs have played 20 games when the moon is a waxing crescent, a growing toenail sliver. And of those 20 games they have won 19. By contrast the 49ers are…

While there are many newer FICO versions, for home mortgages, FICO Score 5 is based on Equifax data, FICO Score 4 is based on TransUnion data, and FICO Score 2 is based on Experian data. Your mortgage FICO score is…

In 1980, the number of households with pay-TV subscriptions including cable, satellite, and telecom firms totaled 20 million. By 1989 it was 50 million, in 2000 it surpassed 75 million, and the peak was 100 million between 2009-2014. Since then,…

Despite job growth of 353,000, the January employment report contained troubling data. Ignoring weather-related phenomena including the length of the workweek, which shrank, hourly earnings, that jumped, and personal income, which was flat, the data is showing a troubling rise…

Employers created a stunningly strong 353,000 new jobs in January, and December employment was revised up from 216,000 to a hefty 333,000. While freakishly cold weather and seasonal adjustment factors undoubtedly had an impact, the economy isn’t rolling over. Moreover,…

The Friday File: When given a choice, 34% of the public prefer a self-checkout kiosk, 56% prefer a live cashier, and 10% don’t care. Among those 18-44, 48% prefer self-checkout, 37% prefer a cashier, 15% don’t care. For 45–54-year-olds, 30%…

While existing home sales are very weak, home prices keep rising. The Case-Shiller National Index was up 5.1% Y-o-Y in November, up from 4.7% Y-o-Y in October. Similarly, the FHFA Index saw home prices rise 6.6% Y-o-Y in November, up…