The United States: The U. Michigan survey tells us that Americans who expect the highest long-term inflation have been scaling back their projections.
China: US imports of Chinese goods that are subject to 25% tariffs are collapsing. That’s why a delay in the current 10% tariffs becoming 25% is a big deal. But can it be averted altogether?
The Eurozone: Here is a leading economic indicator for the Eurozone.
Global Developments: Manufacturing export orders have been moderating.
Credit: Investment-grade (IG) debt continues to underperform high-yield (HY). The chart below shows IG and HY spreads to Treasuries.
Emerging Markets: Fewer nations are using a currency peg these days.
Food for Thought: The demographics of the House of Representatives:
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