In May, US personal income dropped by 0.4%, the first month-over-month decline in almost 4 years.
Source: Steven Rattner @SteveRattner
President Trump says interest rates should be as low as 1% and we have a "stupid person" at the Fed.
Source: Stocktwits
In case you missed it: Germany’s private sector economy unexpectedly returned to growth in June.
The composite PMI rose to 50.4, up from 48.5 in May, signaling a move back into expansion territory. Manufacturing – a key sector for Germany – saw its PMI climb to 49, the highest level since 2022. While still below the long-term avg of 51.6, it's a notable improvement. The sector appears to be benefiting strongly from falling interest rates, which may help explain why Germany is currently outperforming much of the rest of the Eurozone. Source: HolgerZ, Bloomberg
US Tariffs have massive negative consequences on Japan's car exports
Source: GIR, zerohedge
In case you missed it... here's another potential source of inflation
Source: Charlie Bilello
The US fiscal deficit is projected to hit a MASSIVE 9% of GDP by 2034.
Such deficits have never occurred outside of major crises and wars. This projection also assumes no recession and lower interest rates than currently. Source: BofA, Global Markets Investor, Moody's
JAPAN MAY CORE CPI INFLATION RISES 3.7% Y/Y; EST. 3.6%; PREV. 3.5%
HIGHEST SINCE JANUARY 2023 $JPY Source: investing.com
China: The trade war is starting to weigh on activity
Trade balance figures for the month of May reveal a notable slowdown in exports. Source: BCV
