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30 San Francisco Hotels Face Incoming Debt Maturity Wall As Default Dominos BeginJun 9, 2023 - 12:08:53 PDT
So it's clear a perfect storm of terrible liberal policies transforming San Fran into a 'hellhole' that has crippled its recovery plus tightening credit conditions via the Federal Reserve has likely doomed a whole bunch of hotel operators across the metro area that might have no other choice but to default in the coming quarters, if not sooner.
Treasury Secretary Yellen Warns of Commercial Real Estate ‘Issues’ That Could Strain Banks: MWJun 9, 2023 - 12:07:19 PDT
Yellen was asked by CNBC “Squawk Box” host Andrew Ross Sorkin about if she’s worried about the state of estimated $20.7 trillion commercial real-estate market, particularly the office, and if weakness in the sector could potentially spark more bank failures.
The commercial real estate market could see prices fall 40% this year due to several headwinds, including high interest rates and a possible credit crunch.
The entire world is deep in debt. As interest rates rise further many will drown in the stuff, says Victor Hill.
Excessive monetary policies initiate two processes – inflation and excessive risk taking that becomes an integral part of the financial cycle. Together these two processes expose the economy to financial crisis, with one monetary policy fiasco leading to a future disaster.
The seeming paradox between an increasingly recessionary economy and a resilient stock market can be explained by rising excess liquidity. Jobless claims data on Thursday continued to point in a recessionary direction. Yet, as always with this data, more information is gleaned by looking at it on a state level.
Global production of crude steel – ingots, semi-finished products (billets, blooms, slabs), and liquid steel for castings – fell by 3.9% to 1,885 million tonnes (Mt) in 2022, the first annual decline since 2015, the steepest decline since 2009, and the second-steeped decline going back to 1996, according to data from the World Steel Association. This brought production back to where it had been in 2020, thereby unwinding the stimulus-fueled jump in 2021.
China has rocked the world with quality EVs. Let's discuss how the US and EU are reacting to the threat.
The commercial real estate space is experiencing stress following the recent turmoil in the regional bank sector, with the rapid rise in interest rates, tightening lending standards, and structural changes, such as sliding demand for office buildings.
Gold eased on Friday on a stronger dollar, but held close to the previous session's highs en route to a weekly gain helped by bets that the Federal Reserve could soon pause interest rate hikes.
The lull in bad news conceals a deteriorating situation. In common with other markets, Eurozone bond yields are rising, and banks are now visibly trying to reduce their excessive balance sheet leverage. This is bound to lead to credit shortages in the coming months, maintaining or even driving interest rates higher. Contracting credit could lead to funding dislocations for highly indebted Eurozone governments, all mired in debt traps.
Ever since world currencies abandoned the gold standard, many currency devaluation events have sent disruptive ripples across the globe.
The new note, which will be worth $11 or €10.2 officially, comes after consumer prices jumped by nearly 95% in the 12 months to the end of December. It marks Argentina's fastest pace of inflation since 1991.
Costco Execs Warn of Looming Recession Because of One Change Shoppers Are Making to Their Buying HabitsJun 9, 2023 - 06:05:30 PDT
In times of economic struggles, Americans tend to change their shopping habits. The “lipstick effect,” where people will continue splurging on smaller items such as candles and cosmetics, but delay larger purchases, is one example. Costco executives have also spotted other consumer spending changes in their warehouse clubs’ sales lately.
Crypto exchange Binance.US said on Thursday it is stopping U.S. dollar deposits and users will soon not be able to withdraw dollars from the exchange, after U.S. financial regulators said they supported freezing Binance's assets.
A New Crypto Banking System Arises Under the Shadow of a Regulatory CrackdownJun 9, 2023 - 05:50:13 PDT
Two months after the collapse of Silvergate Capital Corp. and Signature Bank, a new banking landscape for crypto companies is taking shape amid an expanding crackdown on the industry in the US.
Liquidity on one of the most prominent crypto exchanges has worsened in the wake of head-turning regulatory actions by US officials.
The International Monetary Fund on Thursday urged the U.S. Federal Reserve and other global central banks to "stay the course" on monetary policy and remain vigilant in combating inflation. IMF spokesperson Julie Kozack said inflation momentum has slowed in the United States, but remained a pressing concern. "If inflation does prove to be more persistent than expected, then the Fed may need to push interest rates higher for longer,"...
The AI frenzy that has driven massive inflows into tech stocks is marking a pause, Bank of America Corp. says.
Most economists expect the Federal Reserve to pause interest-rate increases next week for the first time in 15 months and leave policy on hold through December, even as it confronts a resilient US economy and persistent inflation.