Don't share your housing takes without understanding this chart.

@RickPalaciosJr I don't understand the econ of build to rent. STR REITs trade at a discount to appraisal values of their portfolio. It's really better on an NPV basis to build and rent rather than build and sell? I would expect new builds to have even lower cap rates than existing SFHs.

@johnburnsjbrec The spread is wide not b/c the Fed stopped buying. It's b/c the uncertainty as to the directionof MP is much higher. This makes the prepayment option much more valuable than most times in history. It is misleading to imply tighter MP didn't send rates mortgage soaring.

@NewsLambert Instead, every damn report just tells folks what they want to hear. It's either immigrants or lack of building. It's neither. It's very high building costs compared to prices even though they are elevated. And the fact that big cities are completely built out.

@Davejones0305 @GeorgeSelgin @YReadOnly101 @ProfSteveKeen Where do I find MMT or its antecedents useful: The debt (or whatever we call the instruments the govt uses finance the deficit) is a macro policy tool. It never gets paid off. The hard future debt < future taxes constraint or debt to gdp boundedness constraints are bunk.

@NewsLambert @johnburnsjbrec MBS are just a treasury with an average duration of 7 years plus a prepyament option. The price of it is really bounded within those parameters. I don't think the supply of MBS matters much at all. It's all about Treasury yields and how the option gets priced.

@StatisticUrban Based

DoJ hasn't filed charges against Kathy Hochul. It has named her and some other NY officials in their official capacities in lawsuit against New York state. Bondi's use of words was intentional, however, and meant to be red meat to the base.

@StatisticUrban The test costs a couple hundred bucks no? Your revealed preferences indicate you want to....

@BriannaWu Anything you post which is critical of Democrats will have a bigger reach.

RT @LoganMohtashami: The amount of drugs taken in the discussion about labor data after 2008 has been incredible to witness. Matt has done…

@billybinion Again, he is either just lying or acts with "reckless disregard for the truth."

@m0grady Debt is kinda a tricky metric. CC debt plummeted in during the great recession too. People didn't feel confident enough to take it on

@m0grady The best argument against Stancilism is that inflation causes economic problems EVEN IF wages keep up. It's why we have a 2 percent inflation target and not 20 percent one. An economy with 22 percent wage growth and 20 percent inflation would be bad for a lot of reasons.

What's the 10-year "Treasury bill" yielding? 🫠

@mattyglesias "long-term Treasury bill yields" No such thing as a long term Treasury bill. He means bonds. Nitpicky mistake? Sure. But it's not one with any background whatsoever in US public finance would make and its really telling.