America’s Inflation Illusion Is Dying in an Oil Fire
For months, markets desperately tried to believe that inflation in the United States was under control. That illusion is now collapsing. US wholesale inflation surged...
Author: J-P. Pizzini
India Begins Defending the Rupee as the Emerging-Market Stress Cycle Returns
For years, India represented the favourite emerging-market story of global investors. Strong growth. Structural reforms. Digitalisation. Expanding middle class. Geopolitical neutrality. Demographic power. Now the...
Japan’s Bond Market Starts Cracking and the Dollar System May Be Next
For years, global finance functioned around a dangerous but convenient illusion: Japan would finance everybody forever. The country remained the ultimate source of global liquidity....
America Rediscovers Inflation and the Consumer Starts Breaking
For nearly two years, Washington repeated the same comforting story. Inflation was under control. The Federal Reserve had won. The soft landing was intact. Growth...
The World Is Beginning to Look Like 2021 Again
The global economy is starting to rediscover a sensation it hoped had been buried with the pandemic: the slow suffocation of supply chains. Not yet...
China’s Reflation Was Imported Through the Strait of Hormuz
China has finally escaped deflation. Unfortunately, it did not do so through a heroic revival of domestic demand, a consumer renaissance, or the sudden rediscovery...
Iran, Hormuz and the War That Cannot Find Its Exit
The war in Iran has entered that dangerous phase where everyone claims to want peace, yet each side rejects the only proposals on the table....
The Tariff King Meets the Law
Donald Trump’s tariff empire has suffered another judicial humiliation. A federal trade court has ruled that his global 10% tariffs were illegal, cutting into one...
The One-Page Peace and the Many-Page Failure
Washington is now offering Iran what it refused yesterday: a staged reopening of the Strait of Hormuz and a gradual lifting of the American blockade....