Watch Out: Wall Street Is Finding New Ways to Repackage and Sell Debt
2024/10/23
WSJ What’s News
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Matt Wertz
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Nicole Friedman
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Spencer Jacob
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Tarini Partee
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Tracie Hunte
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无特定发言人
Tracie Hunte: 本期节目主要讨论了美国房地产市场低迷、华尔街新的债务包装和销售方式以及美国大选的最新动态。美国房屋销售额创下近30年来新低，高房价和高抵押贷款利率是主要原因。即使抵押贷款利率下降，高房价和低库存仍会抑制购房需求。
Nicole Friedman: 除非利率大幅下降，否则购房承受能力难以恢复到2020年和2021年的水平。高房价和低库存是导致购房市场低迷的主要因素。
Matt Wertz: 华尔街正在寻找越来越复杂的方式重新包装债务，例如资产支持证券（ABS）。这些债券由银行向基金经理提供的贷款支持，直到投资者提供资金为止。这种方式可以将一些奇怪的贷款打包成具有投资级评级的债券，从而获得更高的收益。大型资产管理公司是推动这种趋势的主要力量，但这种缺乏透明度的做法增加了金融风险，让人联想到2008年金融危机。
Tarini Partee: 距离美国大选还有两周时间，民调显示哈里斯和特朗普势均力敌。共和党提前投票的比例高于以往，增加了民主党人的焦虑。哈里斯未能获得关键投票群体的支持，正在努力争取共和党和郊区女性选民的支持，以弥补其在某些群体中支持率下降的损失。在密歇根州，哈里斯在阿拉伯裔美国人中的支持率下降，这增加了她的不确定性。
Tracie Hunte: 本期节目还报道了特斯拉第三季度净利润意外增长，波音公司警告称其运营将持续亏损至明年，星巴克第四季度盈利和销售额未达预期等公司新闻。此外，土耳其一主要国防设施发生疑似恐怖袭击，造成人员伤亡；美国国防部长证实朝鲜已向俄罗斯派遣军队，引发担忧。
Deep Dive
Why are U.S. home sales on track for their worst year in nearly 30 years?
High home prices and elevated mortgage rates deter potential buyers.
Why might a drop in mortgage rates not significantly boost home sales?
Rising home prices could offset the benefits of lower mortgage rates.
Why is Wall Street finding new ways to repackage and sell debt?
To create investment-grade bonds from esoteric loans, appealing to yield-seeking investors.
Why are these new debt repackaging methods potentially riskier than before?
Much of the activity is in the private market, lacking transparency and regulatory oversight.
Why are Democrats anxious ahead of the election?
Kamala Harris is losing support from key voting blocs and faces challenges in crucial states.
Why did Starbucks miss earnings expectations?
U.S. same-store sales fell 6%, and the new CEO plans a complete overhaul.
Why did Boeing warn of continued cash burn through next year?
A $6 billion quarterly loss and ongoing machinist union strike hinder production.
High home prices and elevated mortgage rates are keeping potential buyers on the sidelines, leading to the worst home sales year since 1995.
- Mortgage rate drops may not be enough to offset rising home prices.
- Inventory of homes for sale remains lower than pre-COVID levels.
Shownotes Transcript