The monetary data reveal a sharp slowdown in M1 growth in May, to its weakest pace since early 2016. But this isn’t a serious concern. Our measure of M3 broad money continued to expand at a decent...

Concerns over trade policy weighed on the markets this week, with only a brief respite from President Donald Trump’s last-minute decision to cancel the planned announcement of new investment...

Trade tensions have escalated faster and further than we had originally anticipated, capped this week by President Trump’s threat to apply a 10% tariff to $200bn of imports from China. We still think...

The recent drop in airfare inflation has been a small drag on core inflation and, unlike last year’s fall in wireless telephone service prices, appears to be a genuine measurement problem. Underlying...