Steve Rattner
Chairman of Willett Advisors (Bloomberg family office CIO); posts timely macro/institutional capital flow charts and commentary relevant to allocators and hedge fund positioning.
Mortgage Defaults Surge Sixfold in Poorest Areas Amid Inflation
With rising inflation and interest rates, more Americans are defaulting on their mortgages. For the poorest communities, the rate has increased nearly sixfold. My @morningjoe Chart.
Hiring Drops to 3.2%, Job Market Hits 2013 Low
The hiring rate was just 3.2% in April — hovering around its lowest level since 2013 (outside the 2020 shock). The job market has frozen for many job seekers.
Recent Grads Now Face Higher Unemployment Than Overall Workforce
For 30+ years, recent college grads had lower unemployment than the broader workforce. That reversed in the 2020s. Today, recent grads are at 5.6% vs. all workers at 4.2%. My @morningjoe Chart:
Red States Lose 550k Marketplace Enrollees After Subsidy Cuts
Red states have disproportionately benefited from the health insurance subsidies expanded by Biden and then cut by Trump. Georgia is a clear example: in just one year, marketplace enrollment has dropped by more than 550,000 people — a 37% decline. My @morningjoe...
Trump’s Cuts Will Strip 10 Million Americans of Coverage
Over 10 million Americans will lose health insurance because of Trump’s cuts. 4 million from losing subsidies and 6 million more from cuts to Medicaid. My @morningjoe Chart.
Trump’s ‘Democratize’ Retirement Plan Threatens Savings with Risky Assets
Trump says he wants to “democratize” retirement. In reality, his plan will expose Americans’ retirement savings to risky sectors like private equity and crypto. My latest in @nytopinion. https://www.nytimes.com/2026/05/05/opinion/trump-retirement-private-equity-401k.html
Trump Administration Halts SEC Crypto Probes, Benefits Allies
When it comes to crypto, the fox is in charge of the hen house. The Trump admin has ended dozens of SEC crypto investigations—to the direct financial benefits of his family members and friends. My @morningjoe Chart.
Trump Exploits Crypto Loophole to Bypass Foreign Campaign Ban
Foreign contributions to political campaigns are banned. Trump found a loophole—crypto—allowing him to rake in hundreds of millions from foreign regimes buying influence. My @morningjoe Chart.
Trump Meme Coin Enriched Insiders, Cost Retail Investors Billions
Trump’s meme coin is a scam to enrich insiders. A couple dozen “whales” made nearly $2 billion soon after launch in early 2025. Then, the coin crashed and lost over $4 billion for over 2 million retail investors—including many everyday...
Obama’s Auto Rescue Saved Jobs; Trump’s Spirit Bailout Fails
President Obama’s auto rescue saved millions of jobs and was critical to economic recovery. Trump’s Spirit bailout is a waste of money. Read my take in @nytopinion. https://www.nytimes.com/2026/04/29/opinion/spirit-airlines-trump-bailout-auto.html
Trump’s Double Standard: Auto Rescue vs Spirit Bailout
Trump lambasted President Obama for saving the critically important auto industry. Now he’s talking about wasting taxpayer money to bail out Spirit on a whim. I explain why he should let Spirit fail today in the @nytimes. https://www.nytimes.com/2026/04/29/opinion/spirit-airlines-trump-bailout-auto.html
Corporate Profits Rise, but Wages Melt Under Inflation
Stocks and corporate profits are up despite the war. But the wages of average Americans are being eroded by skyrocketing inflation. My analysis this morning on @morningjoe.
Iran War Inflation Shrinks Wage Growth Gap
Inflation from the War in Iran is eating into wage growth. Last month, the gap between the two almost closed, a trend that will likely continue into April. My @morningjoe Chart
War Boosts Oil and Big Tech, Sinks Airlines and Staples
The impact of the war has been uneven across the stock market. Sectors like oil exploration and big tech have surged while others, like airlines, consumer staples, and materials have been hit hard. My @morningjoe Chart
Economists Predict US GDP Growth Lagging White House Forecasts
The growth outlook for the United States is muted. Economists estimate GDP growth for the next 3 years will be significantly below White House estimates. @morningjoe