Good morning, macro enthusiasts. Here's your daily roundup covering the United States, Europe, and key emerging markets. We cut through the noise to deliver the essential facts, key surprises, and meaningful context from each region in one place.

[US] Tariff Pass-Through Confirmed: Core PCE Goods Hit 2.8% as Q1 Deflator Surges to 4.3% Annualized

US core PCE goods prices rose 2.8% YoY in March as the Q1 core PCE deflator surged to 4.3% annualized, nearly double Q4's 2.7%, confirming tariff pass-through and forcing rate markets to reprice 2026 easing expectations.

[US] Tariff Pass-Through Confirmed: Core PCE Goods Hit 2.8% as Q1 Deflator Surges to 4.3% Annualized
US core PCE goods prices rose 2.8% YoY in March as the Q1 core PCE deflator surged to 4.3% annualized, nearly double Q4's 2.7%, confirming tariff pass-through and forcing rate markets to reprice 2026 easing expectations.
Macro Soup

[EU] Eurozone Stalls at 0.1% as ECB Hawk Müller Calls for Rate Hikes

Eurozone Q1 2026 GDP grew just 0.1% QoQ, missing the 0.2% forecast, as annual growth slid to 0.8% from 1.3%. ECB hawk Madis Müller says a rate hike is "increasingly likely," raising the prospect of a stagflationary squeeze on the bloc's fragile recovery.

[EU] Eurozone Stalls at 0.1% as ECB Hawk Müller Calls for Rate Hikes
Eurozone Q1 2026 GDP grew just 0.1% QoQ, missing the 0.2% forecast, as annual growth slid to 0.8% from 1.3%. ECB hawk Madis Müller says a rate hike is "increasingly likely," raising the prospect of a stagflationary squeeze on the bloc's fragile recovery.
Macro Soup

[UK] Housing, Manufacturing, and Credit All Beat as BoE Gets Boxed In from Both Sides

UK April data beat across housing, manufacturing, and credit: Nationwide house prices +0.4% MoM vs. -0.3% forecast, Manufacturing PMI 53.7 vs. prior 51.0, and mortgage lending £6.15B vs. £4.20B expected. The BoE's rate-cut path just got more complicated.

[UK] Housing, Manufacturing, and Credit All Beat as BoE Gets Boxed In from Both Sides
UK April data beat across housing, manufacturing, and credit: Nationwide house prices +0.4% MoM vs. -0.3% forecast, Manufacturing PMI 53.7 vs. prior 51.0, and mortgage lending £6.15B vs. £4.20B expected. The BoE's rate-cut path just got more complicated.
Macro Soup

[EM] India's Rate Cuts Hit a Deposit Wall as Credit Growth Slips to 15.0%

India's bank credit growth slipped to 15.0% YoY from 16.1% as deposit growth fell to 12.2%, widening the credit-deposit gap to 2.8pp. FX reserves dropped $4.82bn to $698.49bn amid thin EM markets on Workers' Day.

[EM] India's Rate Cuts Hit a Deposit Wall as Credit Growth Slips to 15.0%
India's bank credit growth slipped to 15.0% YoY from 16.1% as deposit growth fell to 12.2%, widening the credit-deposit gap to 2.8pp. FX reserves dropped $4.82bn to $698.49bn amid thin EM markets on Workers' Day.
Macro Soup

[CN] China's April PMI holds at 50.3, but front-loading and services contraction tell a different story

China's NBS Manufacturing PMI held at 50.3 in April, beating the 50.1 forecast, but a services sector slide into contraction (49.4) and a tariff front-loading spike in export orders point to fading momentum heading into Q2.

[CN] China's April PMI holds at 50.3, but front-loading and services contraction tell a different story
China's NBS Manufacturing PMI held at 50.3 in April, beating the 50.1 forecast, but a services sector slide into contraction (49.4) and a tariff front-loading spike in export orders point to fading momentum heading into Q2.
Macro Soup

That's your daily macro roundup. For more detailed regional deep dives, check out our weekly editions. If you found this useful, feel free to forward it along. More signal, less noise, as ever. Cheers.