Übersicht
Each week, I provide my views on the global macroeconomic environment, with a look ahead to the coming week and a look back at the previous one. Breaking down the top macro headlines around the world, I explain the key implications for investors—and what I think the mainstream news outlets could be missing. This week’s highlights include:
- Eurozone inflation ticked higher as expected in December on the back of energy price base effects. I believe this month represents a short-term aberration in the ongoing disinflationary process that will allow for further rate cuts in 2025.
- The US labor market appears strong overall, but there are potential causes for concern vis-à-vis the quit and hire rates. Given data quality differences and large revisions to recent months’ figures, we will need more than one month to reach a verdict on the 2025 labor market outlook.
- China’s inflation remained undesirably low in December. The country’s greatest challenge remains weak domestic demand, and markets continue to wait for meaningful fiscal stimulus.
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Behind the Headlines
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Published on January 10, 2025.
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