CarMax Enters our Imploded Stocks. Used-Car Dealers Face Reckoning after Jacking Up Prices by 55% in 2 Years by Wolf Richter • Nov 6, 2025 • 61 Comments Consumers have had it with high prices. In addition, these dealers have company specific issues.
Repo Market Liquidity Pressures Made Worse by Government Shutdown, but the Fed’s SRF Did its Job and Went Back to Sleep by Wolf Richter • Nov 4, 2025 • 42 Comments After the debt ceiling, the shutdown: government checking account (TGA) sucks up $700 billion in four months.
Who Takes the Losses on Office CRE? Here’s an Example: the Bankruptcy of Office Properties Income Trust by Wolf Richter • Nov 3, 2025 • 25 Comments Shareholders got wiped out, noteholders take losses and get the company, banks appear to be largely unscathed.
Office CMBS Delinquency Rate Hits Record 11.8%, Much Worse than Financial Crisis. Multifamily Delinquencies Soar to 7.1% by Wolf Richter • Nov 1, 2025 • 74 Comments Commercial real estate (CRE) loans on office and multifamily properties got further bludgeoned in October.
Banks Borrow Record $50 Billion at Fed’s New SRF amid Hot Repo Rates, ON RRPs Spike to $52 Billion in Opposite Direction by Wolf Richter • Oct 31, 2025 • 31 Comments Month-End Liquidity-Palooza: Banks finally used the new & improved SRF the way the Fed has been exhorting them to use it to keep a lid on repo rates.
Even as Revenues Grow, Amazon to Lay off 14,000. Why? AI & Corporate Efficiency. Walmart and Others Toot Similar Horn by Wolf Richter • Oct 28, 2025 • 176 Comments Revenue growth without employment growth. But Amazon spent $78 billion on capex in 2024 and more in 2025. So companies that get this cash hire more people than Amazon sheds?
Oh Elon, Californians Already Forgot? EV Sales, even Teslas, Spike in Q3 before End of Federal EV Incentives. ICE Vehicle Sales Plunge by Wolf Richter • Oct 23, 2025 • 61 Comments Tesla Model Y by far #1 bestseller in California. Cybertruck failed, Model S and X fell off list. Non-Tesla EVs soar to record.
Repo Market Brushfires Doused by Banks’ Use of the Fed’s Standing Repo Facility (SRF) by Wolf Richter • Oct 20, 2025 • 76 Comments The new & improved SRF begins to serve its purpose of allowing the Fed to push QT as far as possible without blowing anything up, unlike last time.
AI-Powered Tricolor and its Mushroom Cloud of Fraud Allegations Are a Sign Greedy Lenders Closed their Eyes for Years, Not a Sign Consumers Are “Cracking” or Whatever by Wolf Richter • Oct 17, 2025 • 60 Comments American consumers are doing OK on their auto loans.
Stock Market Leverage Blows Out by Wolf Richter • Oct 15, 2025 • 173 Comments Everyone is talking about the AI bubble – proclaiming it or denying it – but this is what it looks like from the leverage point of view.
