EU said “we have no other option” but to delay the approval process to seek clarity on the situation. 

Increased money supply sparks an exchange of nothing for something. This diverts resources from wealth-generators to non-wealth generators. Consequently, this weakens the wealth-formation process and, in turn, weakens economic growth...

Another very busy week ahead...

From February 17 to 19, France’s President Emmanuel Macron visited India - the newly discovered object of European diplomatic desire...

The BEA reported that the US economy grew at just 1.4% in the fourth quarter, the slowest growth since the tariff shock of Q1 2025; this was the direct result of the government slowdown subtracting 0.9% from GDP in Q4. 

Labor demand still looks "shaky"...

...as ISM Manufacturing survey mysteriously exploded higher.

Inflation, bloating GDP with public spending and immigration and hidden unemployment are the ingredients of the so-called “economic miracle” of the Sánchez administration...

The latest social financing figures from China show an economy that is increasingly relying on government debt while private demand for credit remains weak...

faced with the double jeopardy of declining labor demand or declining labor supply, the Fed will turn a blind eye to this structural uplift in wage inflation. It will do this by de facto moving its inflation target to 2.5-3.5 percent

"The market is expressing a view that the macro data is going to turn softer and is adding duration ahead of the next batch of risk events"

The US labor market was even worse than the biggest skeptics expected.

"The rather dire picture of the labor market will pressure the Fed to lower interest rates...  In all, we expect the Fed to cut rates by 100 basis points this year."

Meanwhhile, the average credit card APR has gone up in the past 2.5 years despite 1.75% in rate cuts by the Fed. 

The January employment report has been rescheduled for Wednesday, Feb. 11, according to the Bureau of Labor Statistics.

The IMF has not admitted its mistake in assuming stagnation and elevated inflation due to tariffs and prefers to explain the massive upgrades justifying them on lower policy rates, ongoing fiscal support, and high-tech investment...

...higher prices, lower new orders, and weaker employment are not helping sentiment.

California residents who thought they could escape high gas taxes by purchasing an electric car will be disappointed...

“Due to the partial federal government shutdown, the Bureau of Labor Statistics will suspend data collection, processing, and dissemination.”

This was the biggest MoM surge in the ISM print since April 2020 (COVID rebound)...