Übersicht
Each week, I provide my views on the global macroeconomic environment, with a look ahead to the coming week and a look back at the previous one. Breaking down the top macro headlines around the world, I explain the key implications for investors—and what I think the mainstream news outlets could be missing. This week’s highlights include:
- I expect US labor market weakness to continue into 2026. As tariff increases continue to work their way through supply chains, companies are going to be under more pressure to cut costs with headcount reductions being a likely target.
- US Consumer Price Index inflation data was lower than expected, but a closer look at shelter costs raises questions about the underlying data.
- China’s economy weakened further in November. In the absence of meaningful structural reforms or a major fiscal stimulus package, China will have to continue to rely on exports to address excess supplies resulting from weak domestic demand and surplus production.
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Published on December 19, 2025.
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