US Housing Market Chart Pack US Housing Market Chart Pack (Feb. 25) We think the window for further Fed interest rate cuts has closed, so mortgage rates should remain near their current 7% level this year, before a little more relief arrives in 2026. There will still... 18th February 2025 · 1 min read
Canada Rapid Response Canada Consumer Prices (Jan. 2025) The GST holiday meant that headline inflation remained below the 2% target in January, but there is clear evidence that underlying inflation pressures are building. Given the tariff threat hanging... 18th February 2025 · 2 mins read
UK Economics Rapid Response UK Labour Market (Dec. 2024) While there was a small improvement in labour market activity in December and January, employment growth remains subdued as the prospect of higher business taxes and a higher minimum wage in April is... 18th February 2025 · 3 mins read
Australia & New Zealand Economics Update RBA signals a slow pace of policy normalisation When the Reserve Bank of Australia handed down its inaugural 25bp cut today, it indicated that any further withdrawal of monetary restriction would be limited, given residual inflationary pressures... 18th February 2025 · 3 mins read
Australia & New Zealand Rapid Response Reserve Bank of Australia Meeting (Feb. 2025) 18th February 2025 · 2 mins read
UK Housing Market Update Still optimistic on UK house prices, but downside risks growing A weaker economy than we previously thought could mean housing demand is a bit more subdued than we expect. But our forecast for mortgage rates to fall further than is widely anticipated suggests... 17th February 2025 · 5 mins read
Japan Economics Update Why are Japan’s households not partying like its 1989? While household incomes are rising the most since the early 1990s, households are saving rather than spending the bulk of those gains. And with real income growth set to slow this year, we expect... 17th February 2025 · 3 mins read
Canada Economics Weekly Canada Weekly: Tariff threats mount on multiple fronts Even if the 25% tariff on all goods scheduled for March 4th is postponed again, Canada is still set to face the same tariff on steel and aluminum exports to the US just weeks later. Added to that... 14th February 2025 · 6 mins read
US Economics Weekly US reciprocal tariffs will be a big deal After a hot CPI report this week and a not-so-hot PPI report (at least not in the components that count) we estimate that the Fed’s preferred core PCE price measure increased by 0.28% m/m in January... 14th February 2025 · 6 mins read
US Rapid Response Industrial Production (Jan. 2025) The rise in industrial production in January is not as good as it looks as it was driven by a weather-related surge in utilities and a further post-strike recovery in aerospace & parts output. 14th February 2025 · 1 min read
UK Economics Weekly UK Weekly: Trump’s tariffs tirade becomes more troubling for the UK We still believe that tariffs are unlikely to reduce UK GDP by as much as some fear and that the UK is much less exposed than a lot of other economies. But the growing possibility of the UK facing... 14th February 2025 · 11 mins read
Canada Rapid Response Canada Manufacturing Sales (Dec. 2024) The sharp decline in manufacturing sales volumes in December suggests that the earlier recovery in the sector has hit a wall. New orders rose only modestly, by 1.3%, confounding hopes that the sector... 14th February 2025 · 1 min read
US Rapid Response US Retail Sales (Jan. 2025) The large fall in control group retail sales in January, together with the timelier data showing a slump in vehicle sales, suggests that real consumption fell last month. While weather effects were... 14th February 2025 · 2 mins read
Japan Economics Weekly Japan Weekly: Banks starting to benefit from higher interest rates The 10-year JGB yield rose to a 14-year high this week and we think it will reach 1.75% by the end of the year as the Bank of Japan tightens policy more rapidly than most anticipate. Banks were... 14th February 2025 · 6 mins read
Australia & New Zealand Economics Weekly ANZ Weekly: NZ mulls tax cuts, Australia could gain from trade war Speculation has been growing that the New Zealand government will slash the corporate income tax rate in the upcoming May budget. Given that New Zealand’s corporate tax rate is higher than in most... 14th February 2025 · 6 mins read
