Addicted To Gov! Biden Has Added $3.7 Trillion In Public Debt, Not Suprising That M2 Money Velocity Is Rising (But Still Below Pre-Covid Spending Splurge)

Under Joe Biden, Chuck Schumer and Nancy Pelosi (now Hakeem Jeffries), the US economy is addicted to gov … spending and debt.

Some are marvelling that M2 Money VELOCITY (GDP/M2) is rising as if this is a miracle. It isn’t. Under Biden, public debt has increased by $3.7 trillion. But as The Fed pulls back and M2 Money growth slows, M2 Money Velocity is rising. But still below historic levels.

Doctor, doctor (Yellen). We have a bad case of excessive and wasteful Federal spending and debt.

China doesn’t have to invade the US. Biden, Schumer and Jeffries are destroying the country on their own.

While Biden is bailing out banks and Ukraine (and taking bribes from China), I am struggling to buy a bottle of wine.

US Mortgage Demand Declines 1.2% From Last Week, Purchase Demand Still Down -32% From Same Week Last Year While Refi Demand Down -51% YoY

This is last data dump for mortgage demand (applications) before Biden’s idiotic woke mortgage policies go into effect (taxing those with good credit to subsidize those with lousy credit) take effect. I call this Bolshevik Biden’s Mortgage Market.

Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 28, 2023.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week. The Refinance Index increased 1 percent from the previous week and was 51 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 32 percent lower than the same week one year ago.

Bolshevik Biden.

One More Hike! Fed Expected To Raise Rates One More Time, Then Start Cutting Rates (Large Bank Failures, Slowing Economy)

Like the Phil Collins song “One More Night”, there will be one more hike.

The Fed Funds Futures data is pointing to one more hike at the upcoming May FOMC meeting. Then reversal of policy.

With the massive bank failures under Clueless Joe, The Fed will intervene to make the problem worse. And with Biden’s insane mortgage policies, Prince’s “Let’s Go Crazy!” is the perfect themesong for Biden and The Fed.

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.

The United Banana Republics Of America! US Credit Default Swap (CDS) Price Hits 176.53 As Debt Default Looms

Thanks to O’Biden (Obama/Biden) and Senate Majority Leader Chuck Schumer’s failure to negotiate a debt ceiling increase, the US has officially become a banana republic. Crazy government, lawless censoring and arrest of opposing political candidates.

The US CDS 1Y SR Eur just hit a staggering 176.53. That is the price of insuring against a debt default by O’Biden and Treasury Secretary Janet Yellen.

Is a US debt default likely? It shouldn’t be. But you never know with the circus clowns in the White House and nasty Chuck Schumer. But arresting the leading Republican Presidential candidate before the elections is pure Chavez/Maduro Banana Republic politics.

2 year Treasury yield up over 11 basis points today.

The Core! US March Core PCE Prices Remain HOT At 4.6% YoY Despite Fed Crashing M2 Money Growth, March Personal Spending Slows To 0% MoM (Taylor Rule Suggests 10.27% Target Rate)

March’s Personal Consumption Expenditures Core Prices remain HOT despite The Fed crashing M2 Money growth. PCE Core price growth remained elevated at 4.6%.

Personal spending in March slowed to 0% growth.

The Taylor Rule infers a Fed Funds target rate of 10.27% Alas, we will never get there.

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.

Is That All There Is? US GDP Grows At A Pathetic 1.1% QoQ Rate Despite Massive Spending Spree By Biden, Gross Private Domestic Investment Crashes By -12.5% QoQ (Bad Return On $3.37 TRILLION In Spending)

Crooner Peggy Lee said it best: Is that all there is?

Unfortunately, US GDP grew at a pathetic 1.1% QoQ.

Official estimates from the Congressional Budget Office (CBO) show that, since January 2021, legislation signed by President Biden has set in motion a record $3.37 trillion in new spending. And for all that spending, we get a pathetic 1.1% QoQ growth rate?

Inflation continues to be 4% QoQ despite M2 Money growth collapsing.

Gross private domestic investment crashed by -12.5% QoQ.

This is Biden’s idea of a strong economy? His lame campaign slogan is “Let’s finish the job!” Please don’t Joe!

And take Janet “The Evil Hobbit” with you!

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?