US Macro 2025

Not Much Backing Down on Tariffs

US Summary: Housing Shows Some Cracks

A US Housing Downturn is Under Way

The Fed Will Cut Rates – and Potentially A Lot

US Labor Market: On the Cusp of Rising Unemployment

US Summary: Surveys Show Slowing

The Uncertainty Shock: The Fed Funds Rate is Headed Below 3%

US Consumer Spending: Growth Pause or Recession?

US Consumers are Pessimistic – Will it Matter?

US Summary: Tariff Uncertainty