What we are reading:
This week: credit unions move into commercial real estate, 16 trucking bankruptcies in four weeks, muni deals pulled as yields climb, a read on Treasury supply that runs against the selloff, and a boot size that does not check out.
🏦 Credit union CRE loans reached $187.1 billion at June 30, up 36% from mid-2023. A statutory cap on commercial lending at roughly 12.25% of assets is managed by selling participations. https://www.americanbanker.com/news/credit-unions-bulk-up-a-business-that-banks-long-dominated
🚛 Sixteen trucking and transportation firms filed for bankruptcy between late August and September 21, from single-truck operators to a 51-tractor carrier. Diesel and operating costs are the common thread. https://www.freightwaves.com/news/16-trucking-companies-hit-bankruptcy-court-in-less-than-a-month
🌉 A $1.8 billion Los Angeles Convention Center sale, a $777 million Nashville deal and a $1.7 billion New Jersey transportation sale are on hold. The 30-year muni yield hit 5.18%, the highest since at least 2011. https://www.bloomberg.com/news/articles/2026-09-28/la-nashville-bond-sales-get-stuck-in-limbo-as-yields-soar
🧮 Swap spreads sit at negative 39 basis points, recovered from negative 60 in April 2025. One read: bank balance sheets are absorbing Treasury supply more easily, not less. https://realinvestmentadvice.com/resources/blog/the-swap-market-says-treasury-and-ai-supply-is-not-a-problem/
🤠 The State Fair of Texas has long listed Big Tex's boots at size 96. D Magazine measured them and says the number is wrong. The boots run about 10 feet 6 inches heel to toe. https://www.dmagazine.com/publications/d-magazine/2026/september/big-tex-boot-size/
Our chart: the 10-year real yield rose 47 basis points in September to the highest since November 2008.
