The upward revisions to the personal saving rate suggest that the consumption outlook could be brighter than we previously believed, but we would urge caution since those revisions are hard to square...

Growth in the broad monetary aggregates and bank lending has continued to accelerate in recent months even as the monetary base contracted, suggesting that the Fed’s balance sheet run-down is having...

Unlike the pre-tariff spike in soybean exports, the near-100% annualised surge in mining structures investment in the second quarter, which accounted for 0.4% points of the 4.1% annualised gain in...

The acceleration in GDP growth, to an impressive 4.1% annualised in the second quarter, is principally due to the massive fiscal stimulus unleashed at the start of this year. Unfortunately, there is...