That @bloomberg.com can have a headline “EU agrees to pay 15% tariff on most exports to US” shows just how far economic illiteracy has gone. And the months of economists explaining how tariffs work makes this extraordinary level of ignorance even more inexcusable.

Around 500 organisations marched in London Pride 2025. That showcases the irrelevance of sexuality in the workplace (and thus in society at large). As social media makes our culture increasingly visual this is a powerful, proud demonstration that you can be openly queer and have any sort of career.

Morning stroll to get coffee in Zurich. And who can honestly say that they have never occasionally drifted out of their lane while driving - and accidentally ploughed through the steel shutters and front door of a Bahnhofstrasse jewellers?

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US consumer price level, eggs (to March 2025)

Heard and Macdonald Islands’ representatives start offering classes covering Trade Economics for Beginners

I have always felt that profit-led inflation was a retail sector phenomenon, not economy-wide. It depends on selling a narrative to consumers to persuade them that price increases are "beyond our control". That is harder to do further up the supply chain. Hence in the US:

This was the press release - so not just the cut off but also administrative efficiency. Self assessed tax receipts did rise significantly, but of course the increase in side hustles etc. may be something of a structurabl break

Anyone who feels sentiment surveys are filled in objectively should be forced to read the Dallas Fed Survey comments section on repeat loop

Mark Haefele very kindly sent me an advance copy of his book “The New Rules of Investing”; a great summary of how managing money is changing. It is written in a really accessible way, with anecdotes to illustrate key points - so even economists can grasp the issues.

For more: from.ubs/6041oMzal

What the UK has experienced, with inflation more broadly, is ajn increasingly narrow range of services pushing inflation higher. The problem, per housing, is that small number of services carry a higher weight in the basket.

I have been known to murmur an occasional complaint about the strains of being a troubadour economist. Jet set glamour it is not. But then I remember I get to listen to fascinating and passionate people (eg, yesterday’s Monaco Hydrogen Forum). And I get to wake up to views like this.

A counterpoint - same data (2017 average = 100). When the tariffs were taken OFF (Feb 23) price levels fell, but not to the international norms or to pre-tariff levels. Moreover, from the post tariff lows US prices are up 8.6%, when most other advanced economies have deflation or far less inflation

The Troubadour Economist

Most of my life is spent wandering the world telling economic stories. Meeting interesting people with very different perspectives is the main advantage of an itinerant lifestyle. One of the additional compensations is morning views like this