In's & Out's 06/19/09
From JP Morgan's latest In's & Out's...
Hospitality Blues... U.S. hotel occupancy was down 12% to 14% from May 2008, according to Smith Travel Research.
Across all hospitality formats, revenue per available room (RevPAR) was down 20% to 22%. Luxury hotel RevPAR is off nearly 30% from a year ago.
Not Holding Yields Down... Despite the $430 billion of agency mortgage-backed securities purchased by the Fed since January of this year...
agency mortgage rates have risen by some 80 basis points over the same period.
Contraction & Hoarding... Commercial banks could lend to the private sector, but have instead simply allowed excess reserves to build...
to a total of $844 billion, versus an average of $1.7 billion in 2006. Indeed, U.S. bank credit continues to contract at its fastest rate since the data began in 1973.
China 26% Off... Chinese exports are 26.4% lower year-over-year.
Hospitality Blues... U.S. hotel occupancy was down 12% to 14% from May 2008, according to Smith Travel Research.
Across all hospitality formats, revenue per available room (RevPAR) was down 20% to 22%. Luxury hotel RevPAR is off nearly 30% from a year ago.
Not Holding Yields Down... Despite the $430 billion of agency mortgage-backed securities purchased by the Fed since January of this year...
agency mortgage rates have risen by some 80 basis points over the same period.
Contraction & Hoarding... Commercial banks could lend to the private sector, but have instead simply allowed excess reserves to build...
to a total of $844 billion, versus an average of $1.7 billion in 2006. Indeed, U.S. bank credit continues to contract at its fastest rate since the data began in 1973.
China 26% Off... Chinese exports are 26.4% lower year-over-year.
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