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Today's Summary

Mortgage balances rose by $98 billion (+0.7%) in Q4 from Q3, to $13.2 trillion, according to the Household Debt and Credit Report from the New York Fed. Federal government shed another 34,000 jobs in January as previously departed employees whose separation packages expired at yearend. US Government Sold $701 billion of Treasury Securities this week. Higher prices allow bond traders who are often very leveraged to make lots of money. Ricardo Hausmann warns that policy volatility and coercive tactics are eroding the basis of Americas global leverage. Three promising Lassa fever vaccine candidates are in clinical development. Novartis AG reported a quarterly revenue of CHF14.36 billion and a net profit of CH3.93 billion. Delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.26 percent of all loans outstanding at the end of the fourth quarter of 2025. Bitcoin shorts just hit their most extreme level in years as BTC defiantly holds above $70k. Mortgage lender Newrez explored counting Bitcoin and ETH toward mortgage qualification, applying discounted valuations to account for volatility. Trumps attack on green energy hits manufacturing sector hard. President Trumps policies have targeted green energy through executive orders and cancellation of tax credits. Ford and General Motors are expanding their business into energy storage.