Independent thinking for complex markets and current events
"As seen in PNC’s Christmas Price Index, which tracks the cost of each gift in the song “The Twelve Days of Christmas,” prices rose by 4.5% in 2025, down from 2024’s 5.4% gain." -JPMorgan AM pic.twitter.com/AKmUtyNVSf — Daily Chartbook (@dailychartbook) December 24, 2025
We Cannot Afford A Recession There has been ongoing debate as to whether the U.S. economy can weather some of the headwinds we’re currently facing. However, if the past two recessions are any indication, we simply cannot afford a recession—not fiscally, not politically, and certainly not mathematically. The core issue is that the debt-to-revenue ratio …
France’s government is running out of options. On July 15, Prime Minister François Bayrou proposed eliminating two national public holidays to help close a €43.8 billion budget gap in the 2026 fiscal plan. The move is part of a broader austerity package aimed at reducing the deficit from 5.4% of GDP to 4.6% next year. …