> ## Content Index > Fetch the complete content index at: https://macrosoup.com/llms.txt > Use this file to discover other available public pages before exploring further. # πŸ“° Daily Macro Roundup: 2026-06-25 - URL: https://macrosoup.com/daily-macro-roundup-2026-06-25/ - Published: 2026-06-25T14:20:03.000Z - Updated: 2026-06-25T14:20:03.000Z - Author: Macro Soup Newsroom - Tags: The day in view, The Roundup 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. ## πŸ‡ΊπŸ‡Έ Three months at 3.4%: core PCE won't budge, and the economy won't help Core PCE held at 3.4% year-over-year for a third consecutive month in May. Personal income beat at +0.7% and Q1 GDP was revised to 2.1%, closing the door on near-term cuts. [πŸ‡ΊπŸ‡Έ Three months at 3.4%: core PCE won't budge, and the economy won't helpCore PCE held at 3.4% year-over-year for a third consecutive month in May. Personal income beat at +0.7% and Q1 GDP was revised to 2.1%, closing the door on near-term cuts.Macro Soup![](https://pbs.twimg.com/media/HLqOiIEXYAA1CFq.jpg)](https://macrosoup.com/three-months-at-3-4-core-pce-wont-budge-and-the-economy-wont-help/) ## πŸ‡ͺπŸ‡Ί Spanish GDP holds at 2.7% while the ECB tightens into a consumer that never recovered German consumer confidence held near record lows (GfK at βˆ’29.2 for July) even as Spain confirmed 2.7% annual GDP growth in Q1 2026\. With the deposit rate now at 2.25%, the ECB is tightening into an economy where demand across the bloc's largest members has not recovered. [πŸ‡ͺπŸ‡Ί Spanish GDP holds at 2.7% while the ECB tightens into a consumer that never recoveredGerman consumer confidence held near record lows (GfK at βˆ’29.2 for July) even as Spain confirmed 2.7% annual GDP growth in Q1 2026\. With the deposit rate now at 2.25%, the ECB is tightening into an economy where demand across the bloc's largest members has not recovered.Macro Soup![](https://pbs.twimg.com/media/HLpWS4YW8AAYP5o.png)](https://macrosoup.com/spanish-gdp-holds-at-2-7-while-the-ecb-tightens-into-a-consumer-that-never-recovered/) ## πŸ‡¬πŸ‡§ UK retail is printing at lockdown-era levels and two Bank of England members still want to hike June's CBI Distributive Trades Survey printed βˆ’54, its weakest reading outside Covid lockdowns, while the Bank of England holds at 3.75% with two MPC members pushing to hike to 4%. [πŸ‡¬πŸ‡§ UK retail is printing at lockdown-era levels and two Bank of England members still want to hikeJune's CBI Distributive Trades Survey printed βˆ’54, its weakest reading outside Covid lockdowns, while the Bank of England holds at 3.75% with two MPC members pushing to hike to 4%.Macro Soup![](https://pbs.twimg.com/media/HLpsnqSXYAAdjcL.jpg)](https://macrosoup.com/uk-retail-is-printing-at-lockdown-era-levels-and-two-bank-of-england-members-still-want-to-hike/) ## 🌏 At 7.8%, South Africa's PPI puts a number on the EM commodity divide South Africa's PPI hit 7.8% year-on-year in May, up from 4.8%, with diesel costs running 53.8% higher. Brazil's IPCA-15 printed above the central bank's tolerance ceiling for a third straight month. Copom cut anyway. [🌏 At 7.8%, South Africa's PPI puts a number on the EM commodity divideSouth Africa's PPI hit 7.8% year-on-year in May, up from 4.8%, with diesel costs running 53.8% higher. Brazil's IPCA-15 printed above the central bank's tolerance ceiling for a third straight month. Copom cut anyway.Macro Soup![](https://pbs.twimg.com/media/HLpoPe1W8AAMgAp.jpg)](https://macrosoup.com/at-7-8-south-africas-ppi-puts-a-number-on-the-em-commodity-divide/) ## πŸ‡¨πŸ‡³ PBOC holds for a record 13th month. Bank margins, not caution, are the constraint. China's central bank held rates for a record 13th month in June 2026\. With commercial bank net interest margins at a historic low of 1.40%, further cuts require a fiscal recapitalization that Beijing hasn't committed to. [πŸ‡¨πŸ‡³ PBOC holds for a record 13th month. Bank margins, not caution, are the constraint.China's central bank held rates for a record 13th month in June 2026\. With commercial bank net interest margins at a historic low of 1.40%, further cuts require a fiscal recapitalization that Beijing hasn't committed to.Macro Soup![](https://pbs.twimg.com/media/HLZRK15aUAAz-KF.png)](https://macrosoup.com/pboc-holds-for-a-record-13th-month-bank-margins-not-caution-are-the-constraint/) 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.