Here’s the data through 7/9: Figure 1: EPU-trade category (blue, left scale), and Trade Policy Uncertainty index (red, right scale). Source: Baker, Bloom & Davis policyuncertainty.com, and Caldara et al. TPUD. For 7/9, it’s 4110. Pre-Trump 1.0 average is 102. Copper prices?
From Yale Budget Lab: Source: Yale Budget Lab, accessed 10 July 2025.
Sarah Breeden cites evidence that extreme weather events push up inflation in ways central banks find difficult to combat
JPMorgan Chase boss warns on EU competitiveness and market complacency over tariffs
‘Taco trade’ dominates as stocks, bonds and currencies remain calm
Unusual agreement follows growing concern in Washington over Chinese dominance of crucial weapons materials
Unpopular government uses US president’s intervention to brand conservative opponents as traitors
Also in today’s newsletter, Uniqlo basks in consumers buying ‘summer all year’ clothes, and the Bank of Korea’s interest rate dilemma
What will the global economy look like if it loses its monetary anchor?
Levies on world’s top arabica producer rattles investors in sector
