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On June 6, 2024, the European Central Bank (ECB) initiated its first rate cut since the beginning of its rate hike cycle in June 2022. The decision to lower the three key interest rates by 25 basis points each marks a significant shift in the ECB's monetary policy. This move, primarily driven by declining inflation and a sluggish economic recovery, has potential implications for risk asset prices and broader market dynamics.<figure id="figure-7atmp2gd7clx7z5k81"><img id="7atmp2gd7clx7z5k81" src="https://cdn.durable.co/blocks/24dIwA5sLtAGTjosn99utjI129eEUrToN1AfM3fqfyPNGXpKEszlVrp7USfNjbv7.png" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: 50% undefined%;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="50%" data-positionY="undefined%" data-fullWidth="false"/></figure>ECB’s Rate Cut: Context and RationaleThe ECB reduced its main refinancing rate, deposit facility rate, and marginal lending facility rate to 4.25%, 3.75%, and 4.50%, respectively. This adjustment comes alongside an upward revision of the Eurozone's 2024 GDP growth forecast to 0.9% and an inflation forecast to 2.5%. The ECB’s decision was influenced by several factors:Declining Inflation: Eurozone’s Harmonized Index of Consumer Prices (HICP) growth has decreased by 8 percentage points from its 2022 peak, with a notable decline since the last rate hike in September 2023. Economic Slowdown: The Eurozone experienced consecutive quarterly GDP contractions in Q3 and Q4 of 2023, prompting concerns over economic stagnation.Stable Inflation Expectations: The ECB's confidence in stable inflation expectations provided a conducive environment for rate cuts. Despite the cautious stance on future rate cuts, ECB President Christine Lagarde emphasized that rate adjustments would be data-driven and decided at subsequent meetings, acknowledging potential challenges but affirming the general downward direction of rates.Market Reactions and Potential ImpactThe immediate reaction to the ECB’s rate cut was negative return in major European markets. However, the Frankfurt DAX and Paris CAC 40 indices have shown year-to-date increases of 11.23% and 6.8%, respectively, as of June 7, 2024. Notably, with the rate cut expectation rising through the past few months, the Euro has maintained relative stability against the US Dollar, indicating that the rate cut has not adversely affected the currency exchange rate.The ECB's rate cut could have several broader implications:(1) Risk Asset Prices: The rate cut is expected to support risk asset prices, as lower interest rates typically reduce the cost of borrowing and increase liquidity in the financial system. (2) Global Monetary Policy Trends: The ECB’s decision might influence other central banks to consider rate cuts, particularly in non-US regions, potentially leading to a global easing cycle that supports economic growth and asset prices. (3) US Federal Reserve Policy: Although there is market speculation about the Federal Reserve following the ECB’s lead, the Fed’s decision will likely depend on the resilience of the US economy. Current indicators suggest that the earliest potential Fed rate cut could occur in Q4 2024, if at all. Implications for Global MarketThe stability of the Euro against the US Dollar post-ECB rate cut could provide a reference point for other central banks around the world. With many economies facing similar pressures of inflation and sluggish growth, the ECB's move could inspire broader accommodative monetary policies. This, in turn, might open up further opportunities for economic support and growth on a global scale.

ECB Rate Cut: Implications for Risk Assets and Global Market Dynamics

Recent discussions by the Federal Reserve on the potential rise of the neutral interest rate have significant implications for various sectors, including manufacturing. This report focuses on the implications of an elevated neutral interest rate and the latest Markit PMI data to provide insights into the current economic environment and its impact on the manufacturing sector.Neutral Interest Rate: An OverviewThe neutral interest rate, often referred to as the natural or equilibrium rate, is the theoretical federal funds rate at which the economy is neither stimulated nor restrained. It is a critical benchmark for monetary policy. In the Federal Reserve's May meeting, a hawkish tone was evident, suggesting that the long-term neutral interest rate may be higher than previously anticipated. This indicates a potential for prolonged higher interest rates to manage inflation effectively, impacting borrowing costs, investment decisions, and overall economic growth.Several Fed officials have underscored the importance of seeing sustained low inflation before considering any rate cuts. For instance, Governor Christopher Waller emphasized the need for several months of cooling inflation data to support rate reductions, while Atlanta Fed President Raphael Bostic forecasted possible rate cuts only in Q4. This stance reflects a commitment to ensuring inflation is firmly under control before adjusting rates, which could mean a longer period of high interest rates.Markit PMI: Current IndicatorsThe Markit Purchasing Managers' Index (PMI) is a critical indicator of economic health in the manufacturing sector. It provides insight into business conditions, including output, new orders, employment, supplier delivery times, and inventory levels. The latest data for May 2024, with combined PMI exceeding April 2022 level, show that both the manufacturing and services PMIs have exceeded expectations, indicating robust economic activity.<figure id="figure-ctfrrvwsclwxz24lu"><img id="ctfrrvwsclwxz24lu" src="https://cdn.durable.co/blocks/6yEyg5B5EBFr3IennAv75LIiZHaHctOuWAfiqkyeB1SwUlUQzovvvLgvxeTTd6cw.png" alt="GME Stock Chart on Robinhood App! | Via techdaily.ca | #stocks #finance #investing #gme #stonks #citadel " title="GME Stock Chart on Robinhood App! | Via techdaily.ca | #stocks #finance #investing #gme #stonks #citadel " class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure>Manufacturing PMIThe manufacturing PMI for May reached 50.9, surpassing the expected 49.9 and marking a two-month high. This increase suggests that the manufacturing sector is experiencing expansion, driven by higher production and new orders. The PMI data reflect improved business confidence and a rebound in manufacturing activity, despite ongoing concerns about inflation and supply chain disruptions.Services PMISimilarly, the services PMI climbed to 54.8, a twelve-month high, indicating strong growth in the service sector. The composite PMI, which combines both manufacturing and services data, rose to 54.4, the highest level since April 2022. These figures highlight a broad-based expansion in economic activity, with both sectors contributing to overall growth.Implications for the Manufacturing SectorThe potential rise in the neutral interest rate and the strong PMI data have several implications for the manufacturing sector:(1) Cost of Borrowing: Higher interest rates increase the cost of borrowing for businesses. Manufacturing companies, which often rely on loans for capital investments, may face higher financing costs, potentially slowing down expansion plans and new projects. Investment Decisions: Prolonged higher interest rates could lead to more cautious investment strategies. Companies might delay or scale back investments in new technologies, facilities, and equipment due to increased capital costs. (2) Inflation Management: The Fed's focus on controlling inflation through higher interest rates aims to stabilize prices. For manufacturers, this could mean managing higher input costs and navigating pricing pressures. However, a stable inflation environment could eventually benefit the sector by providing a predictable cost structure. (3) Economic Confidence: The robust PMI data indicate strong economic confidence and demand. This could lead to increased production and sales for manufacturers, helping offset some of the negative impacts of higher interest rates. A healthy order book and rising output levels are positive signs for the sector's short-term outlook.ConclusionThe Federal Reserve's indication of a potentially higher neutral interest rate, coupled with strong PMI data, presents a mixed outlook for the manufacturing sector. While higher borrowing costs and cautious investment may pose challenges, the current robust economic activity, as evidenced by PMI figures, suggests a resilient manufacturing sector poised for growth. Investors should closely monitor these developments and consider their implications when making investment decisions in the manufacturing industry.

Neutral Interest Rates and PMI: Implications for the Manufacturing Sector

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This report examines the current trends in U.S. consumer behavior and consumer credit, focusing on the implications for the economy in 2024. By analyzing labor market conditions, household financial health, and consumer sentiment, we aim to provide sophisticated investors with insights into potential economic outcomes and inform strategic decision-making.Consumer Behavior TrendsShifts in Spending PatternsRecent data indicate that U.S. consumer behavior is undergoing significant changes. The average propensity to consume remains elevated compared to pre-pandemic levels, driven by the gradual spending of accumulated excess savings and increased net assets. However, consumer confidence has weakened, reflecting concerns about future economic conditions and inflation.Consumer Sentiment IndicatorsThe Michigan Consumer Sentiment Index (CSI) and the Conference Board Consumer Confidence Index (CCI) are key measures of consumer confidence. Both indices have shown declines recently, with the CCI dropping to its lowest level since July 2022. Consumers are particularly pessimistic about short-term business conditions, labor market prospects, and their financial situation in the coming months.<figure id="figure-bqotmh59qjlwxx9dqs"><img id="bqotmh59qjlwxx9dqs" src="https://cdn.durable.co/blocks/276XiZwIcpbexDo0mKmhDjRt4xBT3An9jeZK2zIfH5mmBzmwYqRgG9jESDeSfimL.png" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure>Impact of Wealth and SavingsDespite the decline in consumer confidence, the average propensity to consume remains high. This trend is supported by a lower savings rate, which has fallen below pre-pandemic levels. Households are continuing to spend their accumulated savings from the pandemic period, maintaining consumption levels. Additionally, rising net assets, driven by gains in stock and real estate values, are contributing to higher spending.Consumer Credit TrendsExpansion of Consumer DebtThe growth of consumer debt has been a notable trend in recent years. During the pandemic, households increased their leverage due to significant fiscal stimulus and ultra-loose monetary policy. As a result, consumer credit, including credit card debt and auto loans, has expanded rapidly.Credit Card and Auto Loan DelinquenciesCredit card debt has grown significantly, reaching $1.129 trillion by Q4 2023, with delinquency rates exceeding pre-pandemic levels. The 30-day and 90-day delinquency rates for credit cards have risen to 8.52% and 9.74%, respectively. Similarly, auto loan delinquencies have increased, with the 30-day delinquency rate rising to 7.69%. Low-income and younger consumers are experiencing higher rates of delinquency, indicating financial stress in these demographics.Mortgage Debt StabilityMortgage debt, the largest component of household liabilities, continues to grow but at a slower pace. Many households secured low-rate mortgages during the pandemic, which has kept their debt servicing costs low despite rising interest rates. As a result, mortgage debt remains manageable for most households, contributing to overall financial stability.Factors Influencing Consumer CreditThe expansion of consumer credit is influenced by several factors:（1）Interest Rates: The Federal Reserve's rate hikes have increased borrowing costs, but many households had already locked in low mortgage rates, reducing the immediate impact on their finances.（2）Income and Employment: Wage growth has slowed, but employment remains relatively strong, providing some support for consumer spending and creditworthiness.（3）Asset Prices: Increases in stock and real estate values have boosted household net worth, encouraging higher spending and borrowing. Historical Analysis: Labor Market Weakness and Asset Price GrowthAnalyzing historical periods when the U.S. labor market weakened while asset prices, particularly housing prices, increased provides valuable insights into consumer spending resilience. The periods of 1998Q3-1999Q2, 2000Q4-2001Q4, 2004Q4-2005Q2, 2013Q1-2013Q4, and 2015Q1-2016Q2 illustrate various outcomes:（1）1998Q3-1999Q2: Consumer spending growth remained robust despite labor market weakness, supported by rising asset prices.（2）2000Q4-2001Q4: The U.S. experienced a hard landing with a recession, leading to a decline in consumer spending growth.（3）2004Q4-2005Q2: Consumer spending growth remained strong, driven by rising housing prices and favorable financial conditions.（4）2013Q1-2013Q4: Despite a weak labor market, consumer spending increased, bolstered by asset price gains.（5）2015Q1-2016Q2: Consumer spending growth slowed but remained positive, reflecting underlying economic resilience.These historical periods demonstrate that consumer spending can remain resilient even when the labor market weakens, provided that asset prices continue to rise, creating a wealth effect that supports consumption.Moderate Growth ExpectedThe outlook for U.S. consumer behavior and consumer credit in 2024 suggests moderate but resilient growth. While there are risks associated with rising delinquencies and higher borrowing costs, the overall financial health of households remains robust, supported by strong net assets and ongoing spending of accumulated savings. Historical analysis shows that consumer spending can be resilient in the face of labor market weakness, provided that asset prices continue to rise.

U.S. Consumer Behavior and Consumer Credit Trends in 2024

This report examines the recent shifts in risk appetite and their effects on the Euro and U.S. Dollar, exploring the broader implications of interest rate expectations, inflation data, and market preferences. As central banks' policies significantly influence market dynamics, understanding these factors is essential for sophisticated investors.Euro and European EquitiesSynchronicity in MovementsRecent trends show a synchronized movement between the Euro and European equities. Typically, equities and currencies are distinct asset classes, but their concurrent upward trajectory since February 2024 indicates increased marginal importance of overseas investors in the European market. This trend suggests that external capital inflows are boosting both the Euro and European stock indices, such as the STOXX 50.<figure id="figure-fq8av6du8llwnzg0t9"><img id="fq8av6du8llwnzg0t9" src="https://cdn.durable.co/blocks/5FWktb7kd1jOKjrPP8Q74fUVJWjPjw8vEZYaiBeUDEDLW5kWl00d84mDf48cXIj4.png" alt="" title="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/5FWktb7kd1jOKjrPP8Q74fUVJWjPjw8vEZYaiBeUDEDLW5kWl00d84mDf48cXIj4.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Macroeconomic BackgroundThe rise in global risk appetite is a critical factor behind the strengthening Euro. Generally, a higher risk appetite leads to a weaker U.S. Dollar, as seen in the recent performance of the Dollar Index. This inverse relationship highlights the shifting market sentiment towards riskier assets, reflecting a more optimistic outlook.U.S. Dollar and Treasury YieldsInterplay Between Rates and CurrenciesThe U.S. Dollar's recent weakness aligns with moderate performance in U.S. Treasury yields. This interaction underscores a well-communicated relationship between interest rates and exchange rates. As markets price in potential rate cuts, expected later in the third quarter of 2024, the U.S. Dollar continues to weaken. The market's confidence in a contained inflation trajectory further reinforces this trend.<figure id="figure-0tuy92dndlwnzie1f"><img id="0tuy92dndlwnzie1f" src="https://cdn.durable.co/blocks/39FBZxaV3x3GAMQqPhjki1uMiIGbkHknyJPMtbzCqMWZvOLCp0vJDwuAi8z6qpH1.png" alt="Five euro note close-up" title="Five euro note close-up" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure>Central Bank Policies and Market ExpectationsFederal Reserve and European Central Bank (ECB)The ECB is likely to initiate rate cuts as early as June 2024, while the Federal Reserve may delay its first cut until the third quarter. Federal Reserve officials, including Governor Christopher Waller, have emphasized the need for several more months of favorable inflation data before considering rate cuts. This cautious stance suggests that while July rate cuts are unlikely, the probability increases towards September.Inflation and Interest Rate ProjectionsThe ECB's recent inflation data indicates a downward trend, which could serve as a positive indicator for the U.S. inflation outlook. The market's expectation for the U.S. is that if inflation remains moderate, it will trigger rate cuts, further weakening the U.S. Dollar. The phrase "higher for longer" has become a market consensus, but the likelyhood of higher has significantly decreased while the market could sustain a "high" phase for prolonged period.ConclusionThe interplay between central bank policies, inflation expectations, and rising risk appetite creates a complex but navigable landscape for investors. The synchronized rise in the Euro and European equities, coupled with the anticipated rate cuts, underscores the importance of staying attuned to macroeconomic indicators and central bank communications.

Rising Risk Appetite: Implications for the Euro and U.S. Dollar

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This report explores the significant implications of Personal Consumption Expenditures (PCE) and housing investment on the U.S. economy. By analyzing recent data, we assert that the U.S. recession likely occurred last year, with current economic indicators pointing towards stabilization rather than a continued downturn.Personal Consumption Expenditures (PCE): The Backbone of U.S. Economic GrowthPCE is a fundamental component of the U.S. economy, representing approximately 70% of GDP. Within PCE, services account for a substantial portion, highlighting the economy's reliance on consumer spending. The importance of PCE cannot be overstated, as it serves as a primary driver of economic activity and a stabilizer during economic fluctuations.<figure id="figure-znsh3olxfhlwnz3yn2"><img id="znsh3olxfhlwnz3yn2" src="https://cdn.durable.co/blocks/2bpJsaG73GYkY2BhdhTN1YsL7VVxrVo1IQK0O9KbWXyfbXQDd6X3zfbSa1jgEo73.png" alt="Statistics on a laptop" title="Statistics on a laptop" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg selected" style="aspect-ratio: 16/9; object-position: undefined undefined;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/2bpJsaG73GYkY2BhdhTN1YsL7VVxrVo1IQK0O9KbWXyfbXQDd6X3zfbSa1jgEo73.png" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;" data-mce-selected="1"></figure>Income and Consumption RelationshipEmployee compensation plays a crucial role in sustaining PCE. As of April 2024, employee compensation growth has slowed to 5.6%, driven by both employment levels and average hourly wages. This deceleration marks a return to pre-pandemic growth rates, indicating a normalization rather than an economic crisis. Given that income is a major determinant of consumption, the current trend suggests that the U.S. economy is stabilizing after the sharp recovery phase following the pandemic-induced downturn.Housing Investment: A Key Indicator of Economic Sensitivity to Interest RatesHousing investment is another critical indicator of economic health, particularly sensitive to interest rate changes. The U.S. housing market experienced a significant downturn as interest rates rose, which impacted both new and existing home sales. However, recent data indicates a stabilization in housing investment, which had been contracting over the past year.Historical Context and Current TrendsHistorically, a decline in housing investment often precedes broader economic slowdowns. The recent recovery in housing investment, with three consecutive quarters of positive growth, suggests that the U.S. economy has already weathered the worst of its downturn. This aligns with the broader economic narrative that the recession likely occurred last year, as the housing sector begins to rebound.Economic ImplicationsHistorically, a slowdown in consumption growth combined with a significant decline in housing investment is a hallmark of a "hard landing" for the U.S. economy. In eight historical recessions associated with Federal Reserve rate hikes, real GDP typically contracted by an average of 1.7% annually. Private fixed investment usually contributed 1.6 percentage points to this decline, while consumption maintained a marginal positive contribution of 0.1 percentage points. Notably, it is only during severe recessions, such as the Great Recession or periods of significant stagflation, that consumption experiences negative growth.The combination of stabilizing PCE and recovering housing investment points to an economy that has already adjusted to previous shocks. The U.S. labor market, while showing signs of slack, continues to support consumer spending through steady income growth. Additionally, the recovery in housing investment indicates resilience in the face of higher interest rates.Federal Reserve Policy OutlookGiven these trends, the Federal Reserve is likely to maintain a cautious approach to monetary policy. The stabilization in key economic indicators supports a scenario where the Fed can afford to delay further rate cuts until there is more definitive evidence of sustained economic growth and controlled inflation.ConclusionThe U.S. economy appears to have experienced its recession last year, with current indicators such as PCE and housing investment suggesting a phase of stabilization. As the economy continues to recover, it is crucial for investors to monitor these indicators and Federal Reserve policies to navigate the evolving landscape effectively.

Has the U.S. Recession Already Happened? Insights from PCE and Housing Investment Trends

Warren Buffett’s 2024 shareholders meeting provided crucial insights into his investment strategy and perspectives, amidst fluctuating market conditions. The meeting highlighted the legendary investor's robust approach, focusing particularly on Berkshire Hathaway’s operational strategies and Buffett's detailed views on market trends, investment selections, and economic forecasts.<h3>Buffett's Investment Strategy: A Deep Dive</h3>Warren Buffett, known for his value investment philosophy, emphasized long-term investments in businesses with strong fundamentals and understandable models. This year, Buffett highlighted his caution amidst high market valuations, which has led Berkshire Hathaway to increase its cash reserves to a record $180 billion, suggesting potential preparation for future market adjustments or opportunities.<h3>Detailed Overview of Buffett’s Major Points from the Shareholders Meeting</h3>Warren Buffett, alongside Berkshire Hathaway's vice chairmen, fielded questions that covered a wide range of topics, from insurance and utilities to tech investments and corporate governance. Here’s a detailed breakdown of the key takeaways:Apple Investment Strategy: Despite selling some of Apple’s shares, Buffett remains bullish on Apple, viewing it as a cornerstone of Berkshire's portfolio. His long-term view on Apple underscores his belief in the company’s enduring market position and innovative capabilities, despite the market's short-term volatility.Insurance Business Dynamics: Buffett discussed the strength of Berkshire's insurance operations, particularly highlighting GEICO and General Re. He noted the benefits of having a substantial insurance float that provides low-cost funds for other investments. He pointed out that despite favorable conditions this quarter, it’s essential not to annualize these results due to the inherent unpredictability of insurance risks. Investments in Utilities and Energy: Buffett expressed satisfaction with his investments in utilities and energy, pointing out their alignment with long-term economic trends and infrastructure growth. He emphasized the transition towards renewable energy sources, although he acknowledged that this shift would be gradual, showing ongoing investment in traditional energy alongside new energy ventures.Perspective on Artificial Intelligence: Buffett addressed the burgeoning field of artificial intelligence with cautious optimism. He recognized the transformative potential of AI but advised prudence given the rapid development and the ethical considerations it entails. Currently, he has not identified AI investments that fit within Berkshire's investment criteria due to the nascent and highly speculative nature of the technology. Economic Outlook and Investment Approach: Reflecting on the broader economic environment, Buffett discussed the impact of inflation and interest rates on investment decisions. He reiterated his strategy of investing in companies that offer not only good value but also have strong, enduring qualities that can withstand economic fluctuations. Advice for Individual Investors: Consistent with his past advice, Buffett encouraged individual investors to focus on buying and holding shares of businesses they understand and believe in, rather than trying to time the market or react to market noise. <figure id="figure-pu6eypr92glw3w88qa" class=""><img id="pu6eypr92glw3w88qa" src="https://cdn.durable.co/blocks/27rzAbE7ekGHFKMKBMeh4n5FXhq9zSzDu1dCat28XPRx9s1NNEEJJRLftmNM64vx.png" alt="Trader analyzing Castor Maritime stock using Webull | Via techdaily.ca | #stocks #finance #investing #apple #nasdaq" title="Trader analyzing Castor Maritime stock using Webull | Via techdaily.ca | #stocks #finance #investing #apple #nasdaq" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/27rzAbE7ekGHFKMKBMeh4n5FXhq9zSzDu1dCat28XPRx9s1NNEEJJRLftmNM64vx.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Conclusion</h3>Buffett's principles of investing in companies with understandable business models, strong moats, and consistent earnings are more pertinent than ever in today's volatile market environment. His strategies highlight the importance of patience, understanding intrinsic company value, and readiness to act when the right opportunities present themselves.

Investment Insights and Market Updates

ECB Rate Cut: Implications for Risk Assets and Global Mar...

Neutral Interest Rates and PMI: Implications for the Manu...

U.S. Consumer Behavior and Consumer Credit Trends in 2024

Rising Risk Appetite: Implications for the Euro and U.S. ...

Has the U.S. Recession Already Happened? Insights from PC...

Investment Insights from Warren Buffett's 2024 Annual Sha...