Macro Nugget: Trade tariffs helping very little!
When Trump introduced his first round of trade tariffs on China in 2018, market participants simply shifted trade to route their products through a third country before shipping them to the US. This has continued through the Biden administration, and regardless of who...
The Week At A Glance: The slippery slope of data revisions
In a relatively quiet data week, we are on revisions watch. The second release of the US GDP report from the second quarter is out, and with the cat out of the bag the revisions will be heavily scrutinized. To read the full article, sign up for a 14-day FREE trial of...
Macro Nugget: More on the structual shift in China
As we have been addressing over the course of the summer, the economic outlook for China appears very bleak. Take retail sales, for instance, which are 9% weaker than their pre-pandemic trend. The Chinese are ramping up exports from state-subsidized enterprises to...
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