Today's topics include checking in on the rate cut narrative, the deficit could push yields higher..., …or the deficit could push yields lower, soft landing hopes often give way to hard landings, a history of Fed dissents, market volatility, the pros & cons of the basis trade, who needs a mortgage anyway?, and crypto funding rates point to bullishness
Household debt in the U.S. stood at $17.29 trillion in the third quarter.
Credit utilization remains historically low, but is on the rise.
People under 30 and over 70 hold a relatively small amount of debt compared to other age groups.
The average third party collection jumped to $1620 in the third quarter.
Household debt broken down by delinquency status
Credit card debt is now 21% higher than it was pre-pandemic.
Mortgage originations remain well off the peak set in 2021.
Some interesting charts from our recent posts
Today's topics include discussing soft landing hopes, some pushback on the rate cutting narrative, the problems with bloated central bank balance sheets, massaging Treasury issuance, Dudley on Treasury market stability, a bond market pivot, more on housing's effect on inflation, Chinese wealth inequality, and 'tis the season?