The Incredible Shrinking Biden Economy! ISM Manufacturing Screams Stagflation, Still Contracting With “Reigniting Inflationary Pressures” (ISM Shrinks For Sixth Month)

Ah, that wonderful economy O’Biden talks about. It is actually shrinking.

The ISM Manufacturing index screams stagflation, as it continues to contract. With “reigniting inflationary pressures.

And prices are beginning to take off again.

Crisis? What Crisis? First Republic Bank Headed For FDIC Receivership, US Yield Curve Plunges, Bank Lending Plunges, Middle Class Shrinks Under Biden/Yellen

Crisis? What crisis?

First, First Republic bank is most likely headed for FDIC receivership, sources say; shares drop 40%.

Second, we have the US yield curve (3M T-yield – 18M FWD 3M T-yield) crashing to the most inverted since the 1990s.

Third, we have US bank lending crashing.

Fourth, we have a shrinking middle class. Way to go Biden/Yellen/Powell!

I wish I could sing “Goodbye Biden and Yellen.” And Foul Powell too.

Is that Mayor Pete??

US March Pending Home Sales Crash By -23.3% Since Last Year (YoY) And -5.2% Since Last Month (MoM) As Fed Retreats (16th Straight Month Of Negative Growth)

So much for the hopium spread by the Biden Administration and Realtors in general.

US Pending Home Sales crashed -23.3% YoY and -5.2% MoM for the 16th straight month of negative growth in pending home sales.

Wasting again in Bidenville, looking for my lost economy. Biden says Maga Republicans are to blame, but we know its Biden’s and Congress’s fault.

Wasting Away In Bidenville! US Mortgage Demand Rises 3.7% Since Last Week (WoW), But Mortgage Purchase Demand Remains -28% Lower Than Last Year (YoY) While Mortage Refi Demand Is -51% Lower

Wasting away again in Bidenville. Nibblin’ on ice cream. Watching the economy boil. Particularly mortgage demand.

Mortgage applications increased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 21, 2023.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5 percent compared with the previous week. The Refinance Index increased 2 percent from the previous week and was 51 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 28 percent lower than the same week one year ago.

Recession Alert! Philly Fed Crashes To -22.8 For April (Slippin’ Into Darkness)

The US economy is slippin’ into darkness.

The Philly Fed NBOS General Business Activity Region Diffusion Index SA crashed to -22.8 in April.

And today’s Fed Funds Futures data points to a return of The Bernanke/Yellen “Low Rider” policy for rate management.

Why can’t the corporate media, AOC and Tucker Carlson be friends?

Slowdown! Case-Shiller Home Price Index Slows To Almost 0% YoY As Fed Pulls Out (SF Down -10% YoY, Seattle Down -9.3%, Miami Up +10.8%)

The US housing market is experiencing a slowdown as The Fed withdraws it outragous monetary stimlus.

The Case-Shiller 20 metro house price index grew at a rate of 036% year-over-year (YoY) in February.

Drifting into darkness, we have the West getting battered with my old hometown of San Francisco leading the pack at -10% YoY with Seattle down -9.3% YoY.

You know things are bad out west when Cleveland, Detroit and Chicago are gaining ground in prices. And Miami was up 10.8% YoY.

In The Garden Of Biden! US Wage Growth Is Above Home Price Growth For First Time Since Trump (But NOT After Controlling For Inflation) Biden Goes Crazy On Mortgage Rules!

In the garden of Biden, not all is well for housing and the mortgage market.

It has been a tough road for the US economy since Covid and Biden’s Reign of Error. For the first time since July 2020 under President Trump, we have finally seen average hourly earnings growth YoY exceed average home price growth YoY.

In REAL terms (after substracting out headline inflation), we see that US housing market is still plagued by 24 straight months of negative wage growth with REAL wage growth still being lower than REAL home price growth.

Then we have Biden’s Marxist mortgage model, making those who who saved and showed care in managing their credit score given money to those who didn’t save and are terrible at financial management. Just like taxpayers trusting DC bureaucrats to carefully spend their money.

Biden’s new theme? “Let’s go crazy!”

Life Under Biden! US Sovereign Risk, US Debt Roar To Record Highs As Inflation Remains High … In One Chart!

This is life under Joe Biden. Record sovereign risk, record high debt, near 40-year highs in inflation, a hot war in Ukraine with Russia, failure of DOJ/FBI to do anything about the content of Hunter Biden’s laptop, repression of free speech, soaring crime, out of control borders. Should I keep going? It is a disastrous mess created by Obama/Biden and their creepy allies.

US sovereign risk just hit 130, the highest since CDS was recorded. This alligns with Biden/Congress massive borrow and spend policies where Federal debt has soared to it highest level in history. Inflation, while cooling, remains high.

On the housing front, REAL national home price growth is negative which makes sense since REAL average hourly wage growth has been negative for the last 24 months.

And just over the past year, commericial bank deposits are falling like a paralyzed falcon.

Biden and Obama’s chief hack in the White House, Susan Rice, are burning down the house.

And she was.

Recession Alert! Philly Fed Business Survey Slumps To Worst Since The Great Recession Of 2008/2009 As Fed Retreats

Well, it is not always sunny in Philadelphia.

The Philadelphia Fed Business Survey just crashed and burned to the worst reading since The Great Recession of 2008/2009.

Alarm! The Fed is expected to raise rates two more times before capitulating and lowering rates … again.

Between Biden’s “Reign of Error” and The Fed, I feel like I am living in the horror flick “Cabin In The Woods.”

The Biden Administration and Fed Board of Governors.

US Mortgage Demand Declines -8.8% Since Last Week As Mortgage Rates Rise 2.06% WoW, Purchase Mortgage Demand Down -36% YoY, Refi Mortgage Demand Down -56% YoY

It’s only mid April and mortgage demand should be approaching it’s yearly high. But under Biden and The Fed, mortgage demand seems to have peaked earlier than normal. It’s already late in mortgage cycle.

Mortgage applications decreased 8.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 14, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 8.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The Refinance Index decreased 6 percent from the previous week and was 56 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 10 percent from one week earlier. The unadjusted Purchase Index decreased 9 percent compared with the previous week and was 36 percent lower than the same week one year ago.