Consumer
April 02, 2025
U.S. Liberation Day Binds The World To High Tariffs
The U.S. administration announced broad reciprocal tariffs today, targeting all trading partners, and not just the countries that run large trade surpluses with the U.S. The tariffs will be implemented under the International Emergency Economic Powers Act (IEEPA) of 1977.
March 17, 2025
U.S. Retail Sales (February 2025)
Retail and food services sales rose just 0.2% month-on-month (m/m), disappointing expectations for a stronger rebound following January's contraction. Data revisions also expanded January's contraction to -1.2% m/m from the initially reported 0.9% decline.
March 13, 2025
In Wealth We Trust: U.S. Household Balance Sheet Update
The new administration in the White House has brought a cloud of uncertainty, but if there’s one factor that would help U.S. households sleep better at night and spend more confidently, it’s their wealth cushion. Policy uncertainty has led to a correction in equity markets recently, with the S&P 500 erasing all its gains since the fall. However, the recent decline should still leave households with a sizeable wealth cushion.
December 09, 2024
Higher Rates Delay U.S. Housing Recovery, But Some Improvement Expected in 2025
After declining through the spring and summer, 30-year mortgage rates rebounded back near 7% this autumn on the back of rising bond yields. Strong economic data and policy-related uncertainty – notably around the new administration’s use of import tariffs – have been key catalysts behind this rate backup. As such, further upward pressure on rates in the near term can’t be ruled out.
October 17, 2024
Can’t Hold Me Down: U.S. Consumer Spending To See an Upgrade
The Bureau of Economic Analysis recently made annual benchmark revisions to its National Income & Product Accounts, which showed a stronger pace of economic and income growth in recent years, with a notable upgrade to personal income in H1-2024.
