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July 3, 2026 1:05 PM UTC
· Overall, the clearest EM fiscal sinner is Brazil, given its tax revenue/GDP ratio is already very high and requires politically sensitive expenditure cuts after the October election to increase the primary surplus to stabilize the government debt/GDP trajectory and get real bond yield

July 2, 2026 1:12 PM UTC
June’s non-farm payroll is weaker than expected with a 57k increase, 49k private, with downward revisions to April and May. The slowing is consistent with an upturn in the initial and continued claims trends, though both were almost unchanged (-1k to 215k and +2k to 1.814m respectively) in the l