Blog | Dunham

Macro 11/14/2025

The Treasury’s Liquidity Flood, CEO Euphoria, and a $142 Trillion Inflation Surge

The Treasury’s cash pile near $950 billion is about to gush back into markets, flooding the system with liquidity. As CEOs sound their most optimis...

Macro 11/7/2025

Bank Stress Builds, Housing Locks Out a Generation, and Jobs Freeze Up

The Fed quietly injected $125B into banks as liquidity strains deepen, housing locks out a generation of buyers, and layoffs surge to 20-year highs...

Dunham Deep Dive 10/10/2025

Fake Loan Collateral, Tightening Liquidity, and Gold’s Comeback

From fake collateral scandals to tightening bank liquidity and gold’s resurgence in global reserves, the financial system is shifting beneath the s...

Dunham Deep Dive 9/26/2025

AI’s Risky Loop, Student Debt Crunch, & America’s Unbalanced Consumer

The AI boom’s financing loops echo the dot-com bubble, with suppliers bankrolling buyers to fuel demand. At the same time, one-third of student bor...

Dunham Deep Dive 9/19/2025

Treasury’s Cash Drain, France’s Debt Spiral, & China’s Price Wars

The Treasury’s cash rebuild could drain liquidity, France’s debt spiral is flashing eurozone warning signs, and China’s price wars risk fueling a d...

Dunham Deep Dive 9/5/2025

Car Debt Illusion, U.K. Bond Rout, & China’s Banking Squeeze

Seven-year auto loans hit a record 21.6% of U.S. financing, the U.K. faces a gilt yield surge not seen since 1998, and Chinese banks are bleeding m...

Dunham Deep Dive 8/22/2025

Liquidity Is Evaporating, AI’s Building Boom, & China’s Job Market Crumbles

Liquidity buffers are vanishing as the Fed’s reverse repo facility drains, AI data centers surge past offices in construction, and China’s job mark...

Dunham Deep Dive 8/8/2025

Job Market Illusions, Hong Kong’s Dollar Issue, & the Stagflation Threat Ahead

Unemployment looks low—but hidden numbers tell another story. Hong Kong’s dollar peg is tested amid liquidity injections, raising asset risks. Mean...

Dunham Deep Dive 8/1/2025

The Frankenstein GDP Report, Approaching Volatility Season, and a Frozen Housing Market

Q2 GDP rose 3%—but the math hides a softer economy, with falling imports masking weak consumer and business activity. Markets remain oddly calm ahe...

Dunham Deep Dive 7/25/2025

A Forgotten Indicator Roars Back, Meme-Fueled Mania Surges, and Europe’s Trade Squeeze Deepens

A forgotten indicator flashes its strongest signal since 1997, meme stocks return with retail euphoria, and Europe’s trade rift with China deepens.

Dunham Deep Dive 7/18/2025

Inflation Eases (for Now), Ethereum's Momentum Game, and Health Care’s Job Takeover

Despite tariff fears, U.S. inflation data came in softer than expected, with businesses absorbing costs to protect margins. Meanwhile, small-cap fi...