Bidenomics Mortgage Market! Mortgage Rates Now 7.2%, UP 159% Under Maui Joe! (10Y-2Y Yield Curve Collapsed From +100 BPS To -63 BPS)

Confounded Interest ^ | 08/22/2023 | Anthony B. Sanders

[Kaiser8408a]

Maui Joe Biden received a lot of help from his friends at The Federal Reserve!

Thanks to the crippling effects of Bidenomics (Fed easing then tightening to combat inflation caused by insane green spending and a war in Ukraine), US mortgage rates (conforming 30-year) has increased 159%.

On the yield curve side, the US Treasury curve 10Y-2Y CMT fell from 99 basis points the day after Maui Joe was sworn-in as El Presidente to the inverted curve we see today (-63 basis points).

Dynamic Maui Joe looking less than happy trying to visit Maui while he could be partying with mega-donor Tom Steyer (a big green energy con artist).

At least Biden didn’t wear his aviator sunglasses or down an ice cream in a show of “empathy.” But, of course, he did find time to assault a child! Watch the hands Maui Joe!!!!

[Kaiser8408a]

Maui Joe can't keep his filthy hands off of children!!

[Spok]

Biden is not only ripping off taxpayers for hundreds of millions (billions?), but he’s trashing the economy for all of us. Could he conceivably be any worse of a president? Or is it deliberate?

[The Great RJ]

We ain’t seen nothing yet. I remember the stagflation and economic malaise of Jimmy Carter. When my wife and I bought our first house in late 1979 we had a 30 year fixed mortgage at 11.25%interest. Within a few months mortgage rates were above 15%.

[bigdaddy45]

Okay I’ll play contrarian. Why are 7.2% home interest rates bad? I bought two houses in the 90’s using VA loans. One was 8.5% fixed, and one was 8.0% fixed. Artificially low interest rates kill savers, and drive up real estate prices because of cheap money.

7.2% from a historic perspective ain’t bad.

[spintreebob]

The war in Ukraine is not the cause of inflation. It is the result of “Bidenomics”.

There was no war when Trump was president. Why? Fossil fuel was cheap. Putin needs high energy prices to finance his war. Biden’s first actions in Jan 2021 were to guarantee that Putin could and would finance his war on the backs of American consumers...and consumers everywhere.