Summary
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:
- US trade policy took abrupt turns, with tariffs ending the week at 10x the weighted average US import tariff at the end of 2024.
- The US Consumer Price Index (CPI) rose less than expected but has likely bottomed as tariff-induced inflation likely will begin to affect prices in April. Fears of future inflation dragged the University of Michigan Sentiment Index to its second-lowest level ever.
- Chinese CPI and Producer Price Index (PPI) inflation were weaker than forecast, and I expect more deflationary pressure as the US-China trade war escalates.
Important Information
Published on April 11, 2025.
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