🇪🇺 The stagflation trap the ECB spent two years escaping is back
🇺🇸 ADP's April miss isn't the worry. The mid-market hiring squeeze is.
🇺🇸 ISM Services kept its expansion streak alive in April. The sub-index deterioration underneath is harder to dismiss.
🇺🇸 The services sector is telling the Fed exactly what it doesn't want to hear
🇺🇸 Behind the 53.6 services headline: a 7-point new orders drop and prices paid still at 70.7
🇪🇺 The ECB has two inflation problems. Only one of them responds to rate hikes.
Daily Macro Roundup: 2026-05-05
🇨🇳 China's Q1 GDP printed 5.9% — the record beat is real, the front-loading question is realer
🌍 Brazil disinflates, India's PMI holds above 57, and Korea's April CPI narrows the EM easing queue
🇬🇧 BoE's QE loss estimate reaches £125bn as gilt yields keep the fiscal pressure on
