Macron’s 5th PM in 2y: #France is currently collapsing politically b/c #Germany has ruined the country economically with its “reforms,” its CA-surpluses, and its debt policy for Europe, chart Heiner Flassbeck www.relevante-oekonomik.com/2025/10/06/d...

#SMRs Small Modular Reactors are still a next-decade#technology; only 4 are in operation globally, and 5 are under construction, chart #MorganStanley

#France #French PM #Lecornu resigns – @bloomberg.com TV live

#SNB #Swiss CB is keeping investors guessing on whether it will be the world’s 1st CB to reintroduce negative rates, chart @economics www.bloomberg.com/news/article...

That’s what Bloomberg envisages, with reductions in borrowing costs predicted for 15 major CBs out of the 23 featured in this guide. Apart from #BoJ, which is seen raising rates, the rest are anticipated to stay on hold, chart @economics www.bloomberg.com/news/article...

#FX US #dollar has lost over 12% of its value against #Swiss franc this year. As a result, gains on the US stock markets have largely evaporated for #Swiss investors, chart #SGKB_News

In 3Q2025, risk assets continued to post positive returns. #Japan's #TOPIX index reached new all-time highs, supported by a US- #Japan #trade deal and hopes for #fiscal stimulus - chart #JPMorganAM

The drivers of a steeper curve matter. In this environment, upward pressure on long rates from chronic deficits, #tariff -related #inflation and a near-term #fiscal boost create a challenging backdrop for long-duration strategies, chart #JPMorganAM

Don’t Trust low #Unemployment Numbers #PartTime employment isn’t about “lifestyle choice” acemaxxanalytics.substack.com/p/dont-trust... It is is strongly linked to #austerity -driven weak #demand, precarisation of labor markets, and inadequate #social policies.

#SMRs The #technology is still unproven, way behind schedule, and very expensive. It’s a big gamble — if it pays off, it could transform #energy supply; if not, it’s a #costly detour.

The 3 operating #SMRs (small modular reactors) worldwide, which are located in #Russia and #China, exceeded their original cost estimates by 300 to 400%, chart @financialtimes.com FT www.ft.com/content/8a18...

US Govt and investors have made a $9bn gamble on small #nuclear reactors to power the #AI boom and lower #emissions — but experts warn the #technology could prove too costly to be viable, chart @financialtimes.com www.ft.com/content/8a18...

The costs of #tariffs are starting to drive higher prices for US consumer goods from cans of soup to #car parts, even as overall US #inflation rises at a moderate pace, chart @financialtimes.com www.ft.com/content/f4bd...

#WNBA star Napheesa Collier’s blistering critique of the league, chart @newyorker.com www.newyorker.com/sports/sport...

(must-watch) #SNL S51 #SaturdayNightLive is back! #PeteHegseth (Colin Jost) cold open @nbc-snl.bsky.social “our military is gay as hell - thanks to failed liberal policies” www.youtube.com/watch?v=vZb1...

10y UST yield nom and real - chart #JPMorganAM

#HY #defaults High investor cash balances and a search for yield have been the key themes throughout credit markets this year, including flows into private credit, chart #JPMorganAM

#Fed resumed its rate-cutting cycle, and expectations are for more cuts ahead. With inflation above 2.5% and easier financial conditions taking hold, the risk of stickier, more volatile #inflation increases, chart #JPMorganAM

How much of US economic #growth this year has come from #tech investment: looking at the net contribution of the tech industry to real GDP growth, it looks like a bit more than a third, chart @hakyungkim.bsky.social @financialtimes.com

A Govt #shutdown only affects programs funded by Congressional appropriations, also known as discretionary spending, chart @GoldmanSachs

#Argentina The political crisis weakens the blackmarket exchange rate and a legal parallel rate while the official peso is getting propped up by CB intervention. The widening gap b/w #FX rates encourages arbitrage trades: “el rulo” - chart @FT www.ft.com/content/0425...

#Italy has become a rare fiscal bright spot in the G7 -- #Italy’s now on track to exit the #EU’s list of countries with excessive #deficits, and recently won its first upgrade from Fitch Ratings since 2021, chart @economics www.bloomberg.com/news/article...

#AI Andrea Bartz @andibartz was disturbed to learn that her #books had been used to train #AI #chatbots - So she sued, and helped win the largest copyright settlement in history, chart @nytimes.com www.nytimes.com/2025/10/03/b...

#AI #ArtificialIntelligence is driving US stocks - and, increasingly, the real economy. #tech+ stocks overall now make up roughly 50% of the S&P 500 and account for about 60% of the market’s y-t-d return, notes @JPMorganAM

The 3-month average of #jobs added to the economy is hovering around 29k, compared to an average of 168k last year. A further significant deterioration would lead to #recession - it makes sense for #Fed to gradually ease financial conditions, notes #JPMorganAM

About 25% of total federal spending is affected by the #shutdown, and around 40% of federal civilian employees are furloughed. Two things come to mind, chart #JPMorganAM

If Europe had a CB (as #Fed) that was equally responsible for ensuring high #employment & low #inflation, it would have to act immediately in view of the unemployment rate of over 6% in the EMU and the risk of continued economic weakness - Heiner Flassbeck www.relevante-oekonomik.com/2025/10/02/d...

#Fed Funds Rate futures (3.02%) and Taylor Rule estimate (3.30%), chart @BloombergTV

The broader trend is clear: #AI workloads keep proliferating, requiring ever more compute, notes Stephanie Aliaga #JPMorganAM

#immigrant share of workforce is falling, chart @reuters.com www.reuters.com/world/us/us-...

The alternate data reality, chart @bloombergtv.bsky.social

Alternate data from public & private sources, a substitute for official statistics delayed by a Govt #shutdown, showed US job market likely remained stalled in Sept with sluggish hiring, chart @reuters.com www.reuters.com/world/us/us-...

(agree to disagree) The rise in #parttime #employment is strongly linked to #austerity-driven weak #demand, precarisation of labor markets, and inadequate #social policies. It’s not simply a “cultural shift toward more leisure.” chart @marabernath @FuW_News www.fuw.ch/schweiz-spar...

In the #euro area, #unemployment rate has increased from 6.2 to 6.3% in Aug, due to the weaker economic #growth in the north (particularly countries with CA-surplus), chart @EU_Eurostat ec.europa.eu/eurostat/web...

#market-implied long-term S&P 500 #earnings growth is currently 11%, above ist historical average of 9%. However, it is well below the levels reached in the #DotCom #Bubble and 2021, likely suggesting that while expectations are elevated, chart #GoldmanSachs

The buzzword #involution refers to excess capacity and oversupply which has led to the longest period of #Chinese #deflation since 1998 and weak industrial profits, chart #JPMorganAM

US is not the only country using #tariffs to deal with #Chinese oversupply. #Mexico, Türkiye, #Indonesia, Brazil, #SouthAfrica, #Thailand and #Vietnam are among the countries that have imposed tariffs on Chinese industrial or consumer exports, chart #JPMorganAM

#trade story over the past week has been Trump's announcement of 100% #tariffs on imports of branded or patented #pharmaceutical products unless #pharma companies are building a manufacturing plant in the US, chart @reutersmiked.bsky.social

#Swiss equity index (SMI) by comparison The largest #sector differences in S&P 500 and SMI - chart @SGKB_News

#FX euro/franc rate has basically held steady around 0.93 for the subsequent 6-months - suggesting to many that any #SNB activity since April has been concentrated in buying euros, chart @reutersmiked.bsky.social

#SNB data show that #Swiss National Bank purchased CHF5.06bn Swiss Franc of FX in Apr-June period, the highest quarterly FX intervention for more than 3y to add to its $1.1trn stash of reserves assets, chart @reutersmiked.bsky.social www.reuters.com/markets/euro...

A new upcoming awesome #book by @B_Eichengreen “Money Beyond Borders»: Global Currencies from Croesus to #Crypto @princetonupress.bsky.social 2026 press.princeton.edu/books/hardco...

(worthwhile) Why America’s “unusual” #democracy leads to #shutdowns – Other countries don’t have Govt shutdowns like the US, chart @foreignpolicy.com foreignpolicy.com/2025/10/01/w...

If America still had a fully functioning democracy, Donald Trump’s speech Tuesday to the assembled generals would have ended his presidency, chart @pkrugman.bsky.social paulkrugman.substack.com/p/an-autocra...

#SNB and Remuneration of Sight Deposits A #Swiss-technical monetary policy tool acemaxxanalytics.substack.com/p/snb-and-re... By making CHF liquidity a bit less attractive, it could weaken #Swiss franc at the margin (since holding CHF sight deposits earns less).

#Swiss CPI #inflation in Sept 2025: 0.2%Y, -0.2%M, core: 0.7%Y, -0.2%M, import goods: -0.9%Y, -0.1%M -- #Swiss inflation rate has been below SNB's target of 2% for 28 months, chart @SwissStatistics www.news.admin.ch/de/newnsb/Oj...

#ORCL #AI and #Hyperscalers There is no way for #Oracle to pay for this with cash flow. They must raise equity or debt to fund their ambitions, chart #JPMorganAM

I highly recommend to get this invaluable reference #book Elgar Encyclopedia of Post-Keynesian Economics, edited by @LPRochon @elgarpublishing.bsky.social I really use it every day! www.e-elgar.com/shop/gbp/elg...

Wow, I've read several of Leonard's #books - I'd like to read this one too. Like all of Leonard’s #books, #PicketLine is a taut and engaging tale. Crime dramas made Leonard famous, but this is a #social - #justice story, chart @nytimes.com www.nytimes.com/2025/09/27/b...

#unemployment in several advanced economies (AE) is edging up - #weaker labour markets may weigh on output, especially in the absence of productivity gains, chart @BIS_org www.bis.org/publ/bisbull...