Wolf Street | The stories behind business, finance, and money

Time 2020-07-25 04:04:33

Web Name: Wolf Street | The stories behind business, finance, and money

WebSite: http://wolfstreet.com

ID:33822

Keywords:

The,stories,Wolf,

Description:

There is just no good way out. The only thing that is surprising is how long these retailers and malls, which have been spiraling down for years, were able to hold on. Repos zilch, gone. Dollar liquidity swaps on their way out. SPVs flat for five weeks, but composition is changing. Treasuries edged up by smallest amount all year. MBS rose. I get tired of lazy reporters or lazily programmed bots who don’t read beyond the 2nd paragraph of Labor Department press releases. Folks started driving again – including those who used to take mass-transit. But jet fuel demand is still in collapse-mode. And overall consumption remains way down. “There will be a long-term adjustment in how we think about our location strategy the notion of putting 7,000 people in a building may be a thing of the past”: Barclays CEO. And companies are following through. More signs of a move from the cities to the suburbs? Supply of houses is tight; condos are piling up. It wants to know: Why was YRC even bailed out? And why was the taxpayer put at so much risk? What’s going on here? Confirming early warnings by United and Delta of re-declining ticket sales. V-Recovery has to wait in line. Airline shares down 3.7% intraday. Sellers are suddenly coming out of the woodwork. Housing market is having a moment. Torrent of 2.4 million new claims under state federal programs. PUA claims by gig workers now 45% of total unemployment. Many people are hired back, but many are newly laid off. Labor market recovery remains hard to discern. Everybody s drinking beer as if there were no tomorrow, but my bar can barely survive off beer sales alone, says Yahya, owner of my favorite bar. There is no recovery for office space. The number of people going to the office has declined over the past four weeks. And this is just for the very beginning of the Pandemic’s impact on housing. Shrinkage in survival mode instead of V-shaped recovery. “It will be more than two years before we see a sustainable recovery”: CEO. “Extend and pretend” works wonders for a little while. But with auto loans, it gets dicey in a hurry. And then what? Repos dollar liquidity swaps on their way out. SPVs declined. Hardly bought any corporate bonds ETFs. MBS flat. Treasuries ticked up. Claims by gig workers under federal PUA program soar, now 44% of total unemployment claims. Where’s the “V-Shaped” recovery of the labor market? A dozen major brands, thousands of stores, after years of struggling. Work-from-home is annihilating casual and formal office attire. Sellers are suddenly coming out of the woodwork. Housing market is having a moment. There is no recovery for office space. The number of people going to the office has declined over the past four weeks. Shrinkage in survival mode instead of V-shaped recovery. “It will be more than two years before we see a sustainable recovery”: CEO.

TAGS:The stories Wolf 

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