In the past 25 years, the prices of everything households buy – personal consumption expenditure – increased by 2.2% per annum.

Of that, imported goods rose by 0.9% p.a. Among the drivers of inflation were imported dairy, meat and poultry (+5.2% p.a.); grains, vegetables, and beverages (+4.1% p.a.); and petroleum products (+3.8% p.a.).

What kept inflation ...

March’s 3.29% year-on-year rise in the Consumer Price Index was the fastest increase in 23 months, and the sharpest rise from the previous YoY rate (February’s 2.43%) in 53 months, dating back to the late-2021 COVID rebound.

The inflation spike pushed the real Fed Funds interest rate down 85 bps, to 0.35%. That’s the lowest in 35 months.

In the first three...

China State Military Affairs Commission (MAC) is no more.

China has two MACs, one in the party that makes all military related decisions, and one under the State Council that … doesn’t. Both have always been chaired by the same person, and had the same vice chairs and membership. The State MAC has never issued any decisions that were not originally made by the party...

The current unnecessary, Trump-induced global upheaval is yet another excuse for gold bugs and other alarmists to suggest that the dollar’s long run as the currency of choice is coming to an end. The obvious questions are these: If so, what next? Will the world accept a truly multi-polar monetary structure, with all the uncertainty ramping up arbitration opportunities? Or, wi...

US exports rose 14.5% in the first two months of 2026, as compared to January-February of last year. Imports, however, were down by 13.3%. As a result, total trade contracted 3.6% while the balance fell sharply, by 45.6%.

In the case of consumer-driven America, robust imports signal a strong economy. Alas, consumer goods demand fell...