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United States
The shares of the PCE basket that showed price increases above 3%, measures that Chair Warsh used to gauge underlying inflation, fell on the month, though they remained higher than pre-pandemic averages.
Euro Area
The French dividend yield is well below the country’s nominal bond yield.
Asia-Pacific
South Korea’s exports expanded in September at their fastest annual pace since February 1974, beating consensus on surging semiconductor and automotive shipments to the United States.
Emerging Markets
Eurobond issuance by emerging markets is running at a record pace in 2026.
Equities
Cumulative US equity real returns have been remarkably stable over the long run, but a large equity-bond premium is mainly a 20th-century phenomenon.
The US has the lowest equity risk premium among major developed economies.
Energy
Middle East oil exports have recovered to 89% of prewar levels following the restoration of flows through Saudi Arabia’s East-West pipeline, with the 10-day average holding at 20.5 million barrels per day.
Global Developments
Inflation has flattered global debt-to-GDP ratios, …
… but structurally higher interest rates have pushed up mature-economy government interest costs.
Food for Thought
Property values in the board game Monopoly—originally based on 1930s Atlantic City real estate—have diverged significantly from present-day market values when adjusted for inflation.
