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.

🇺🇸 Lisa Cook flips the AI-inflation script as home prices refuse to cool

Fed Governor Lisa Cook says AI-driven data center demand and energy costs are keeping US inflation near 3.8%, even as FHFA and S&P Case-Shiller data show home prices reaccelerating despite higher borrowing costs.

🇺🇸 Lisa Cook flips the AI-inflation script as home prices refuse to cool
Fed Governor Lisa Cook says AI-driven data center demand and energy costs are keeping US inflation near 3.8%, even as FHFA and S&P Case-Shiller data show home prices reaccelerating despite higher borrowing costs.
Macro Soup

🇪🇺 Spain's CPI jump strains Lagarde's 'not yet embedded' inflation case

Spain's flash September inflation jumped to 4.9% year-on-year, above forecasts, as ECB chief Christine Lagarde told the European Parliament that price pressures are 'not yet embedded.' Weak eurozone sentiment and rising inflation expectations raise the stakes for Friday's harmonised print.

🇪🇺 Spain's CPI jump strains Lagarde's 'not yet embedded' inflation case
Spain's flash September inflation jumped to 4.9% year-on-year, above forecasts, as ECB chief Christine Lagarde told the European Parliament that price pressures are 'not yet embedded.' Weak eurozone sentiment and rising inflation expectations raise the stakes for Friday's harmonised print.
Macro Soup

🇬🇧 UK mortgages cool, but consumer credit is running at its hottest pace since the pre-crisis boom

UK mortgage approvals dropped to 54,900 in August, the lowest since December 2023. Annual consumer credit growth hit 9.6%, the fastest pace since the mid-2000s boom, and that combination keeps the Bank of England leaning away from a rate cut.

🇬🇧 UK mortgages cool, but consumer credit is running at its hottest pace since the pre-crisis boom
UK mortgage approvals dropped to 54,900 in August, the lowest since December 2023. Annual consumer credit growth hit 9.6%, the fastest pace since the mid-2000s boom, and that combination keeps the Bank of England leaning away from a rate cut.
Macro Soup

🌏 Brazil's IGP-M swings back to inflation just weeks after the BCB's cut

Brazil's wholesale-heavy price gauge flipped from a decline to a 1.57% monthly gain in September, just weeks after the central bank's rate cut, and traders are already rethinking the easing path. Oil-driven currency pressure also hit India and Indonesia this week.

🌏 Brazil's IGP-M swings back to inflation just weeks after the BCB's cut
Brazil's wholesale-heavy price gauge flipped from a decline to a 1.57% monthly gain in September, just weeks after the central bank's rate cut, and traders are already rethinking the easing path. Oil-driven currency pressure also hit India and Indonesia this week.
Macro Soup

🇨🇳 August industrial profit growth halves, and Beijing eases through a side door

China's industrial profit growth halved to 4.2% year-on-year in August from 11.2% in July, per National Bureau of Statistics data, while high-tech manufacturing profits surged over 50%. Beijing answered with a targeted lending-rate cut and a mortgage subsidy, not a broad rate cut.

🇨🇳 August industrial profit growth halves, and Beijing eases through a side door
China's industrial profit growth halved to 4.2% year-on-year in August from 11.2% in July, per National Bureau of Statistics data, while high-tech manufacturing profits surged over 50%. Beijing answered with a targeted lending-rate cut and a mortgage subsidy, not a broad rate cut.
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.