US Retirement Savings Hit Record Aggregate 401(k) balances reached new highs amid market rallies. Key Takeaway: Bull markets benefit retirement planning.
Average 401(k) balances hit new record highs in Q2 2025, lifted by equity-market gains and steady contributions. Fidelity reports average 401(k), 403(b), and IRA balances all at records, with the…
Rising U.S. Home Prices Squeeze Buyers: What the Latest Data Says About Affordability, Inventory, and the Road Ahead
Executive summary Home prices are still climbing, and the relief from slightly lower mortgage rates hasn’t been enough to restore affordability—especially for first-time buyers. August existing-home sales slipped to a…
UK Budget Deficit Narrows? Not This Month—But There Is Nuance in the Numbers
Executive summary Headlines suggesting a narrower UK budget deficit don’t match the latest official outturn. The ONS reports that public sector net borrowing (PSNB ex) was £18.0bn in August 2025,…
U.S. Durable Goods Orders Beat Expectations in August — What It Signals (and What It Doesn’t)
August 2025 durable goods orders surprised to the upside at +2.9% m/m to $312.1B, rebounding from July’s −2.7%. Ex-transportation rose +0.4%, while ex-defense +1.9%. Transportation equipment led the rebound (+7.9%),…
Fed Officials Signal Caution on Further Cuts: What “Data-Dependent” Really Means Now
After a quarter-point cut on September 17, 2025, several Fed policymakers have stressed a go-slow, data-driven approach before easing again. A split has opened: some officials emphasize rising unemployment risks,…
Retail-sales read-through: who won August’s spend (and who didn’t)
August U.S. retail and food services sales rose 0.6% m/m and 5.0% y/y to $732.0B. Big winners were non-store/e-commerce, restaurants, and value chains/warehouse clubs; laggards included department stores and certain…
Healthcare bid: if defensives rotate, who leads—managed care or big pharma?
With policy rates likely to ease into year-end, investors often rotate toward “defensives.” In healthcare, that typically means managed care (health insurers) and big pharma. But 2025’s cross-currents—Medicare Advantage (MA)…
Gold after PCE: “PCE stays at 2.6%—does sticky core keep bullion bid?”
The U.S. PCE inflation rate held at 2.6% year-over-year in July—right in line with consensus—while core PCE edged to 2.9% y/y and 0.3% m/m. For gold, the next leg is…
EU gas is comfy, but winter risk hasn’t vanished
Heading into late August, European gas storage is comfortably above pre-2022 norms, wholesale prices are sitting in the low-to-mid €30s/MWh, and policymakers have even agreed to loosen the once-strict storage…
Cocoa’s Next Shock: Ghana Farmer Revolt + Weather Whiplash
West Africa’s cocoa belt is flashing two kinds of risk at once. In Ghana, hundreds of thousands of growers are protesting the newly set 2025/26 farm-gate price and threatening to…