Global Macro Update Archive, October 2025

Unemployment’s Slow Burn
  • October 10, 2025

Unemployment’s Slow Burn

There’s a concerning undercurrent running through the US labor market. The unemployment rate has been steadily climbing. That’s unusual. Typically, when unemployment goes up, it spikes.

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Japanification—Coming to America by 2031?
  • October 3, 2025

Japanification—Coming to America by 2031?

The newest member of the Federal Reserve Board, Stephen Miran, recently outlined his reasons for wanting interest rates to come down by roughly 2 percentage points—far more than any other Fed member.

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