“The acceleration of headline and core inflation in May cements the case for a 25 basis-point rate increase from the ECB next week."

Bizarro data reporting continues: April saw the biggest monthly increase in professional and business services by a huge margin, even as quits collapsed to a 6 year low. 

...disappointing growth and deteriorating affordability are not market failures; they are the predictable result of layering net zero interventionism on top of already inflationary, deficit-driven macro policy.

the key economic data release this week is the employment report on Friday, as well as other job-related reports including ADP and JOLTS. We also get mfg and services ISMs. There are several speaking engagements with Fed officials this week

...high energy prices "will cause a tremendous amount of demand destruction and a recession that I think is coming anyway..."

"The recent resilience in spending largely reflects an outsized boost from OBBBA-related tax cuts, and expect that spending headwinds from higher inflation will weigh on spending growth for the rest of the year."

Travel abroad could soon become a luxury for many. Not only high kerosene prices are making air tickets more expensive, but the EU also plans to extend its climate levy to international air travel. Travel while you still can.

The capex "benefit" from AI is largely asymmetric: the trillions in projected spending will do little to boost US GDP as most of the underlying equipment is imported, however a sharp reversal will likely lead to GDP busting recession. 

In August, a new EU packaging regulation will come into force. A costly and cumbersome compliance regime comes with it. It increasingly appears that nothing can stop Brussels’ bureaucratization machine anymore.

The tax party of Germany’s welfare-state engineers is over. In the first four months of the year, Germany’s total tax intake developed into a fiscal catastrophe. During that period, the federal government, states, and municipalities collected 2 percent less revenue than a year earlier.

Through its deregulation agenda, the American government is proving the thesis that prosperity is created exclusively in the private sector — not through state regulation.

New York Mayor Zohran Mamdani represents the culture war of a freshly repainted socialism like hardly any other politician... With a permanent artificial smile, the Uganda-born politician is methodically dismantling the rules of the world capital of capitalism...

The economic data releases this week are the durable goods report and the PCE inflation report on Thursday. There are several speaking engagements with Fed officials this week

Japan’s car industry is being forced into a major reset as Chinese automakers rapidly outpace traditional rivals in electric vehicles, software, and manufacturing speed...

Brussels is lending support to advocates of a wealth tax with a half-baked study. Capital gains, private wealth, and even emigrants are now falling onto the radar of the European tax authorities. Conditions inside the EU must be dire if the fiscal gates are starting to close.

Georgia had the largest quarterly increase in such properties, followed by North Carolina and Indiana.

Kenya & Iraq are among those to publicly confirm seeking emergency World Bank assistance...

Any superhero fans hoping for an end to the feminist insanity and LGBT propaganda at Marvel Comics will probably be disappointed... 

“They were creating problems that didn’t exist...those problems disappeared when I let them go.”

Unfortunately, we have seen continued increases in our costs...