In Defense of National Borders

Inflation Expectations Dip, Driven By Lower Gas Prices, While Labor Market Prospects Worsen: NY Fed Survey Ahead of Wednesday's CPI report which is expected to show a substantial rise in consumer prices, moments ago we got an early look into how consumers view inflation after the NY Fed's latest monthly survey of consumer expectations reported that inflation expectations at the one-year horizon dipped to 3.46% in May from 3.64% in April, easing from the highest print since September 2023. Inflation expectations were unchanged at 3.1% for the three-year-ahead horizon and...

China Economic Growth 'Downside Risk' Looms; Goldman Warns After July Macro-Miss-Fest China’s July activity data weakened from June, missing market expectations across the board, and signaling a soft start to Q3 amid continued divergence between resilient exports and subdued domestic demand. Originally slated for publication late last night (US time), the data release was delayed for five hours after the statistics agency revised its schedule in a break with recent practice. Industrial production (IP) growth slowed to 4.5% yoy in July from 5.3% yoy in June, reflecting slower export growth and...

The Iranian Red Crescent Society (IRCS) said on Tuesday that US and Israeli strikes have damaged or destroyed more than 82,000 “civilian units” in Iran since the war was launched on February 28. The IRCS said the targets hit included 62,440 residential units, 19,187 commercial buildings, 481 schools, 281 medical facilities, and 17 IRCS centers. […]