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. @economist.com

Thank you, Jon, Matt and Steve, for the interesting conversation. @cnbc.com #economy #markets

As the initial yen rally (post $50 billion intervention by the Japanese authorities) began to lose steam, the US stepped in with a late Friday assist, the second in the last 24 hours (Bloomberg below). This helped the yen appreciate back. The big question remains: Will this intervention hold? #yen

Sticking with US data, UMich consumer confidence rose to 55.2 for July, its highest level since February. This better-than-expected reading was driven by its forward-looking subcomponent. Meanwhile, inflation expectations were unchanged at 4.2% and 3.3% for the one-year and 5-to-10-year measures.

The Chicago PMI came in stronger than expected at 57.6 for July, marking its second-highest reading this year. This follows yesterday’s Q2 GDP miss, which printed at 1.5% annualized—down from 2.1% in the first quarter and below the consensus forecast of 1.8%. ... 1 of 2

Given everything going on, here are a few quick snippets on the latest global economic developments: European Inflation: Headline inflation surprised to the upside, edging up to 2.9% from 2.8% (which was also the consensus forecast). The services sector was a notable contributor to this...

Back to the Yen: This Bloomberg report illustrates the staggering amount of capital that may be involved—$53 billion on Thursday alone. As for the impact, the yen is currently struggling to hold just below the 160 mark rather than building on its initial appreciation surge. #markets #yen #fx #japan

This sharp rebound in the KOSPI index today —nearly 18% (Bloomberg chart below)—follows a series of earnings reports showing that while tech capex remains massive, it is being accompanied by monetization opportunities that could well expand over time. #economy #tech #markets #korea #kospi

Three major central banks—the ECB, the Fed, and the Bank of England—have held off on rate hikes in July. Let's see what the Bank of Japan does tonight. Unlike the other three central banks, I’d be surprised if the BoJ doesn't hike. #economy #centralbanks #boj #markets #ecb #fed

This sharp Yen appreciation comes in the context of media reporting a “massive” intervention that had US support Two questions remain Why did it take so long for the authorities to intervene? More importantly, will this be supported by polici s that can sustainably counter renewed currency weakness?

Global football has remained the 'beautiful game' despite FIFA’s behavior and antics. Yet, as the organization has grown increasingly unchecked, its actions threaten to inflict even greater harm on the sport. My thanks to the European football associations for telling FIFA that enough is enough.

Another softer-than-expected US inflation reading. Today’s PCE data, the Fed’s favorite measure, confirms that core inflation pressures remain under control for now. This comes right on the heels of the market's sluggish adjustment to the Fed’s new playbook under its new leadership. #federalreserve

Further to my recent posts on bond yields: After another sharp surge today, the 30-year U.S. Treasury bond has hit levels not seen since 2007. (Bloomberg chart below.) #economy #markets #bonds

It is important to note that the bout of volatility so far this year in key market prices extends beyond oil. We are also seeing big moves in government bond yields, which serve nationally—and in some cases, internationally—as benchmarks for corporate borrowing, home mortgages, and more….

From the front page of the Wall Street Journal (below). While this is undoubtedly a firm-specific issue, it also points to something much broader -- a two-sided causality unfolding in real time between: Rising funding needs in the bond market, fueled primarily by tech capex and government... 1 of 2

. #worldcup @fifaworldcup-x.bsky.social

Welcome to Fed Day — a complex one, marked by challenges relating to Analyzing current inflation, employment and market dynamics, Uniting an FOMC with differing views and biases, and Converging on how a host of forward-looking uncertainties may impact the economy and financial system #federalreserve

Another tough day for Korea’s KOSPI stock market index. Judging by reports on flows, technical deleveraging is center stage, overshadowing fundamentals and valuations, and raising the risk of some broader market spillovers. #economy #markets #korea #kospi #stocks #investing #investors

John Authers on the latest US tariff news: “this time, nobody seemed to notice. Having dominated the agenda last year, this episode of the trade war elicited minimal market reaction.” #economy #markets #trade #rariffs @johnauthers.bsky.social

The beneficial impact of lower oil prices, and the fall in government bond yields that comes with that, is offset by a continued selloff in tech stocks. Nowhere is this more apparent than in South Korea, where the Kospi stock index is down by roughly 10%. (Bloomberg data below.) #economy #markets