Eurozone inflation just hit 3.3%, its fastest pace since 2023. But the scatter plots don't show a wage-price spiral — they show something else entirely. While markets fixate on this month's HICP print, a much bigger fight over Europe's savings is already reshaping bond yields. Here's what the headline number is actually hiding.
Three German state elections in a fortnight. An AfD polling at 40% whose own supporters trust it less than they trust Merz. A CDU firewall that holds against the AfD but is cracking against Die Linke. And a French hard-left proposal about to make Berlin's fiscal argument look almost reasonable by comparison.
Yale’s Budget Lab has put a number on America’s AI tax windfall: up to $216bn by 2030. It is careful, transparent work. But the model was built to answer one question (how much tax does AI growth bring in?) and never asks the one investors need answered: what happens if that growth cannot sustain itself?
