Blog | Dunham

Dunham Deep Dive 12/12/2025

Real Rates Still Bite, China’s $1T Surplus Grows, and Governments Risk a Short-Term Debt Trap

Real rates are still too tight, China’s $1T surplus floods global markets, and governments face rising rollover risks as short-term debt piles up.

Dunham Deep Dive 12/5/2025

AI’s Power Crunch, China’s Data Blackout, and Japan’s $135B Stimulus Gamble

AI is pushing electricity prices up, China is pulling housing data offline, and Japan’s stimulus raises market risks.

Dunham Deep Dive 11/28/2025

Real Retail Sales Stagnate, Turkey Supplies Tighten, and the Middle Class Gets Squeezed

Real retail sales are stagnating, turkey supplies are tightening, and the middle class is being squeezed—revealing deeper stresses in the U.S. econ...

Dunham Deep Dive 11/21/2025

AI’s Depreciation Trap, Extreme Fear on Wall Street, and the Great Housing Cool-Down

AI’s depreciation trap, extreme market fear as liquidity shifts, and a broad U.S. housing slowdown as prices and affordability fall.

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

America’s Auto Debt Trap, Britain’s Gilt Meltdown, and 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...