The recent slump in stock markets is hard to square with the 3.5% annualised gain in third-quarter GDP that follows an even more impressive 4.2% rise in the second. Looking at the details of that...

Although narrow money growth rebounded in September, the Fed’s quantitative tightening will continue to exert downward pressure over the months ahead. Furthermore, signs are emerging that the Fed’s...

Data next week are likely to show GDP growth slowing to 3.3% annualised in the third quarter. That would still be well above the economy’s potential growth rate but, looking under the hood, there are...

It is hard to explain this week’s sharp drop in equity prices in terms of the incoming economic data. True, following the surge in the 10-year Treasury yield that began last week, the sell-off in...