Still Standing
Talk of a potential easing in Middle East tensions has steadied markets. But scratch the surface, and the macro picture remains far from settled. This week’s charts highlight the growing tension:
• Global manufacturing holding up — despite higher energy prices
• Shipping costs rising — supply chains tightening again
• Oil production constrained — logistics, not demand, the issue
• Policy expectations shifting — tilt back toward tightening risk
• US bank lending standards – in neutral for now
• Wage pressures still elevated — particularly in the UK
The takeaway? Markets are still standing —…
The skinny
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