Impossible marks, cars edition

Daily Data: No demand at then prevailing prices, means then prevailing prices were fake

Apologies—a little late today. Some other obligations intervened.

In today’s dispatch:

• high asset prices meet the reality of higher interest rates, this time with cars

• no sales, prices high! yes sales, prices low

• cheaper cars are on the way

• so much wealth creation . . . with an implied illiquidity premium that goes uncounted