CIO Chart of the Week: Al-related spending isn't just a tech story-it's an economic engine.
Since 2023, Al investment has consistently outpaced non-Al, driving the majority of business investment contribution to GDP. #AIInvestment
#AIEconomy
#EconomicGrowth
#BusinessInvestment
#MacroTrends

The current high-rate environment continues to disproportionately burden lower-income earners while simultaneously paralyzing the housing market. #FiscalPolicy #EconomicAnalysis #BehindTheNumbers #Trends2025 #RealEconomy

However, we've pointed out that the aggregate consumption figures offer limited insight into the financial reality of most American households. A closer look reveals that the top 10% of earners spend more than the bottom 40% combined. #GrowthStory #NumbersDontLie #MarketWatch

Yesterday's GDP revision reaffirms our view that the aggregate economy remains robust, as an impressive upward revision in consumption showed that Q2 Real GDP expanded at the most rapid pace in nearly two years.

CIO Chart of the Week: As markets prepare for today's highly anticipated Fed meeting, the current high-rate environment continues to weigh heavily on consumers… most notably in housing. #FinancialMarkets #USHousing #RateHikes #MacroTrends #WealthGap

Thus far, this dynamic hasn't involved mass layoffs to any significant extent, but the recent moderation in the labor market (and substantial anticipated downward revisions to prior data) do suggest that employment faces significant headwinds to growth and vulnerabilities in the years ahead.

We think shelter related components are likely to continue to moderate in the future, as both home prices and rental rates soften, which given the importance of the category to the price basket overall, should help inflation moderate further in the medium term.

Overall, we think the inflation trajectory is still moderately higher for a time, but the intermediate-term trend in inflation is generally moderating, especially in key areas such as services and shelter.

Looking back at the July CPI report release on last month, we see that the volatility of MoM Core CPI remains consistent with levels from 1990–2020, a period of notable price stability. While Services ex-Shelter Inflation ticked up MoM, this aligns with seasonal patterns observed in recent years.