The Inflation Reduction Act (IRA) was a ‘landmark’ in the fight against climate change. The CBO estimated that it would reduce deficits by $238bn over a decade (2022-31): the legislation…
US Treasury yields climbed towards the end of last week, lifted by a soft 30-year auction on Thursday. There has been a major repricing since the strong payrolls report on…
Payrolls (+356k on an average 3-month change) are currently running at a pace that far exceeds that consistent with a steady unemployment rate. One recent NBER paper estimates that ‘breakeven’…
The big improvement in the consumption deflator should have given the Treasury market ample reason to stage a big rally into this week’s Fed meeting. But Treasury yields are proving…
Rapid rate hikes, globally, are failing to introduce enough slack into labour markets to reassure policymakers. There is a big ‘risk’ that the US jobless rate will remain below the…
China moved early to identify renewable-energy technologies as strategically important, offering years of generous subsidies. Costs for the manufacture of wind turbines and solar panels continue to tumble in China….
