The UK spends more than £100bn / year servicing annual debt. Debt interest payments are more than it spends on education, defence or universal credit.
H/T Kit Rees , Bloomberg
US New Home Sales Jul: 652K (est 630K; prev 627K; prev R 656K)
- New Home Sales (M/M): -0.6% (est 0.5%; prev 0.6%; prev R 4.1%)
- Median Sale Price (USD): 403.8K or -5.9% From Jul 2024 (prev 401.8K or -2.9%)
census.gov/construction/n…
Is the ECB's mood starting to shift?
🎅Lithuania’s Šimkus turns more dovish than he sounded just weeks ago, hinting at more easing as he says that Santa may come “with scissors.”
🛑ECB’s Schnabel hasn’t budged since July: no more cuts.
👉With Finland’s Rehn similarly back to…
🇫🇷 French budget execution was still broadly in line through July, with a smaller deficit than in 2024 (€15bn smaller year-to-date, or 0.5% of GDP) including higher fiscal revenues (+€11bn). Not sure that can be sustained though.
🇫🇷 French budget execution was still broadly in line through July, with a smaller deficit than in 2024 (€15bn smaller year-to-date, or 0.5% of GDP) including higher fiscal revenues (+€11bn). Not sure that can be sustained though. https://t.co/cAdProocov
‼️ Findings:
👌 US productivity *accelerates* after 2005 for high social cost of carbon (see figure)
🤏But emissions-adjustment is small at traditional estimates of SCC. Interpretation: tiny productivity gains dwarf climate damage
🌍 TFPE changes productivity ranks: 🇪🇺👆/🇨🇳👇
Public policy can encourage physicians to practice in underserved areas
Stephanie Khoury (Secretariat Advisors), Jonathan M. Leganza @ClemsonUniv, Alex Masucci
ow.ly/e9ch50WOYtE
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In 2017-23, whenever CNY-USD got close to parity one day, the next day CNH-CNY deviated strongly from parity. Using the former as an econometric instrument for the latter (to measure money demand shocks), the time-series F-statistic is 20.
US billionaires pay little tax. The wealthiest 400 U.S. households paid an average effective tax rate of 24% in 2018–2020, which is lower than the 30% for the full population and much lower than the 45% paid by top wage earners.
"Now I am going to say something that will probably strike you as strange, and which you will almost certainly not understand until you are on the other side of the storm."
The latest from @asymmetricinfo: wapo.st/4lTySzC
2/ The long end of the yield curve will be shifted up to compensate bondholders for the additional losses they will suffer in bad states of the world with large spending increases.
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