The Prime Rate is now 8.5%, the highest since it hit 9% in 2001. Prime hasn't exceeded 10% since the 1980s. Many loans are set at prime plus a premium. From 2008 to 2022 Prime was mostly 3.5%. The record high was 19.5% in 1981. I believe that the high this cycle will exceed 20%.
— Peter Schiff (@PeterSchiff) October 3, 2023
Delinquency rates on credit card debt continue to move sharply higher.
For those aged 18 to 29, the delinquency rate just crossed an alarming 9.0%, up from ~5%.
Delinquency rates for those aged 30 to 39 are rising faster than any other age group, now at 7.5%.
Higher rates and… pic.twitter.com/e11P74ENdT
— The Kobeissi Letter (@KobeissiLetter) October 3, 2023
They will always choose to "do something" and print instead of "doing nothing" and let it burn.
More currency debasement is a certainty.
— Frank (@FrankAFetter) October 3, 2023
Bidenomics downgrade as the Bureau of Economic Analysis revises down the last 3 years of economic data.
Turns out inflation was higher. Growth and income was weaker. And federal spending is now replacing the consumer.
Gems include $1.1 trillion in vanished savings, a 9-sigma… pic.twitter.com/baXa4n5xsc
— Peter St Onge, Ph.D. (@profstonge) October 3, 2023