US Small Business Confidence Hits a 10-Year Low
In April, the National Federation of Independent Business (NFIB) reported that small business confidence in the US declined to the lowest level in more than a decade.
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Sovereign Pivot
The conventional framing of global economic power tends to focus on trade balances and manufacturing output. This perspective misses a more consequential asymmetry.
Is Credit Suisse Done?
Credit Suisse has announced that it will borrow up to $54 billion from the Swiss central bank in order to stabilize its liquidity and restore investor confidence.
Shortages Cool Down Growth
The Institute for Supply Management said on Tuesday that its non-manufacturing activity index has fallen to 60.1 while it stood at 64.0 in May. A reading above 50 indicates growth in the services sector, which accounts for two-thirds of U.S. economic activity.
Structural Divergence in Global Creditor Nations
A significant shift occurred in global capital markets: Germany surpassed Japan as the world’s largest net creditor nation.