The latest U.S. inflation data tell a story that headline CPI alone cannot capture. The CPI rose just 0.1% in July, bringing annual inflation to 3.4%. That sounds encouraging. But for American households, the bigger economic problem may no longer be inflation. It is affordability. Lower inflation does not mean lower prices. It means prices…
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The recent coordinated intervention by the United States and Japan to support the Japanese yen marks one of the most significant currency market moves in decades. After the yen plunged to nearly ¥164 per U.S. dollar, the weakest level in around 40 years, joint action helped the currency rebound roughly 5% over three trading days.…
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I’m excited to announce that I’ll be speaking at TSAM New York on Wednesday, September 23, 2026! My presentation, “The Rise of Private Markets: Reshaping the Future of Asset Management,” will explore one of the most significant transformations occurring across the investment management industry today. Private markets are no longer viewed as a niche asset…
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Today, we celebrate the birthday of an independent nation that continues to stand as one of the most extraordinary social experiments in human history. At 250 years, the United States remains a living testament to an idea that was bold in its origin and still evolving in its meaning: that freedom, responsibility, and self-government can…
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This week’s inflation data sends a clear and sobering message: inflation is proving more persistent than many policymakers and investors anticipated. In May 2026, the Producer Price Index (PPI) climbed 6.5% year-over-year, with Core PPI (excluding food and energy) rising 5.2%. Even PPI excluding trade services remained elevated, underscoring inflationary pressures spreading through supply chains…
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This morning’s U.S. jobs report delivered another upside surprise, with nonfarm payrolls rising by 172,000 in May and the unemployment rate holding steady at 4.3%. Average hourly earnings climbed 3.4% year-over-year, with wage growth of 0.3% just for the month. At first glance, these figures paint a picture of a labor market that’s still healthy…
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April’s Producer Price Index (PPI) delivered a major shock, with headline PPI rising 6.0% year-over-year and 1.4% month-over-month. Core PPI also surged, up 5.2% YoY and 1.0% MoM, marking the hottest producer inflation since the post-pandemic surge and far exceeding expectations. The spike wasn’t just about energy. Cost pressures were broad, with energy and fuel,…
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April’s Consumer Price Index (CPI) report surprised to the upside, with headline inflation rising 0.6% month-over-month and 3.8% year-over-year, up from 3.3% in March. Core CPI (which excludes food and energy) increased 0.4% on the month and 2.8% over the year. These gains represent the fastest inflationary pace since 2023 and have thrown cold water…
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Today’s U.S. labor market numbers offer a snapshot that’s both reassuring and unsettling. Initial jobless claims remain exceptionally low at 200,000, and overall payrolls continue to grow, clear signs that companies aren’t rushing to lay off workers and that there’s no immediate sign of a recession. Yet beneath these stable headlines, the composition of job…
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The latest Producer Price Index (PPI) numbers for March 2026 paint a clear picture: inflation at the producer level isn’t just sticking around, it’s picking up speed, and it’s showing up in more parts of the economy. Headline PPI rose 0.5% month over month, matching February’s increase and following a 0.6% jump in January. Year…
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