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Global Developments
80% of our readers believe AI-related stocks are in a bubble, with a growing share expecting the bubble to be sustained for at least the next 12 months.
United States
Data center construction spending continues to surge and has now surpassed the peak in spending on general office construction.
United Kingdom
Consumer credit expanded by more than anticipated, but mortgage lending moderated sharply.
Japan
The sharp rise in Japan’s 10-year government bond yield is driven by a combination of aggressive policy rate expectations and a surging term premium fueled by fiscal and inflation jitters.
China
A Treasury selloff widened the US–China 10-year yield spread to 312 basis points, near a record.
Equities
These charts compare the valuation metrics of the cap-weighted and equal-weighted S&P 500.
Rates
The global bond selloff has pushed yields to multiyear highs, but drawdowns remain far smaller than in 2022.
A useful daily brief tracks which constraints are tightening — rates, energy, and credit — more than any single headline.