Danielle DiMartino Booth

ICYMI. At least $SPX is near record highs. Imagine the impetus to monetize equity in second homes if that was not the case. (Silver lining [pardon the double entendre]?Looking for a beach house?)

Watched it @NickNemo17 on the big TV screen. Par excellence.

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Real (inflation-adjusted) Retail Sales ex-Food Services have fallen in two of the last three months and are down 0.4% on a 3MA basis. Did you read your #DailyFeather today?

Via @AdamJJosephson Margin debt rose 1.8% MoM to $1.48T, up 31% YoY & near the record high of $1.502T & is at a record percentage of GDP. “Financial leverage is wonderful for asset prices on the way up and the opposite on the way down.” #WiserWords https://t.co/XTXTRjdAC0

Always a halting word: “Halts”

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“The 10 year is beginning to recognize the economic damage from restrictive rates and persistent energy inflation. If that deterioration broadens, yields may have further to fall.”

“The most revealing contradiction is gasoline rising 20.3% while fuel retailing margins plunged 30.3%. Higher revenue can coexist with deteriorating profitability, especially when retailers cannot recover higher wholesale costs.”

👇👇👇

Get it? Got it? Good.

The Weekly Quill — Tabloid Investing The QI Research Credit Market Update READ NOW https://t.co/GF4vURmFbw https://t.co/mGWhzbjlAK

Thank you @GaryKaltbaum

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Technically speaking, correct.

Oops!

ICYMI Words of the new world’s wisdom.

Hear, hear.

In the wake of a bond market rally across the curve, a bigger bottom line: “AI investment must generate enough profit to justify its enormous cost before higher borrowing rates & weakening demand force companies to pull back on spending” (It’s always credit that breaks things)

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No doubt OER will catch down w/a long lag; that's always the case. Diffusion, however, is what Warsh instructed markets to follow & it's clearly falling. And you don't have to be a rocket scientist to discern direction OER headed, which @federalreserve staff will detail at FOMC. https://t.co/d0CgGFazIq

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I’d say pretty high.

Broken Bow was useful for a hot minute. The number of homes being constructed was unreal...presumably to become the next hot thing for Airbnb jocks.

ICYMI

At some point, deals start getting pulled (...that was sarcasm).

Wise words @AdamJJosephson "Banks’ provisions for credit losses have been falling as % of total loans for 2 yrs as have net charge-offs leading some to conclude that credit quality is good even though such analysis ignores what’s happening w/(possibly ongoing) loan modifications"

Interesting Sept Existing Home details w/2nd sub 4M SAAR @business Sales in South & West rose 2.8% Sales in Midwest were flat & fell in NE “Q4 outlook for closing activity will clearly be down, maybe even measurably down. We’re seeing more delays in contracts w/rising rates.”

The poster-child sport for the Quiet Quitting era.

Note that many straggler markets are beginning to come under pressure. cc @m3_melody