Macro Pulse
Haver Analytics is the premier provider of global economic and financial data, delivering timely and accurate time series data to a wide range of clients, including central banks, government agencies, financial institutions, and academic institutions. Founded in 1969, Haver is a privately held company headquartered in New York City with offices around the world. Haver Analytics also offers a variety of other products and services, including: • Data visualization and analysis tools • Data integration and management services • Custom data solutions • Training and consulting services Get in touch: sales@haver.com Visit our website: www.haverproducts.com
Episodes

2 hours ago
Headwinds and Heatwaves
2 hours ago
2 hours ago
Financial markets have remained generally buoyant in recent days, with global equity indices advancing on the back of relatively upbeat global growth data, benign European inflation readings and the prospect of further policy easing from major central banks. In our charts this week we focus on:
The global policy rate consensus
The dollar and data surprises
Stagflation risks
US port congestion
Global warming
Productivity losses from heat stress

7 days ago
Calmer on the surface, cracks beneath
7 days ago
7 days ago
Financial markets have been on a geopolitical rollercoaster in recent days. The Iran–Israel flare-up briefly sent oil prices surging and risk assets tumbling, but tensions have since eased and market conditions have stabilised. That calm has refocused attention on underlying fundamentals—and the signals are mixed. In our charts this week we focus on:
Global business cycle indicators
South Korea's trade
Consumer confidence in the US and Europe
Disinflation progress in advanced economies
Gold and Bitcoin prices
Global electricity generation

Thursday Jun 19, 2025
Conflict, energy and constraints
Thursday Jun 19, 2025
Thursday Jun 19, 2025
Financial markets have been jolted over the past week by a sharp escalation in geopolitical risk. The sudden intensification of hostilities between Israel and Iran—marked by missile strikes and retaliatory air operations—has reignited fears of a broader regional conflict with global consequences. In our charts this week we focus on:
Geopolitical risk
Oil prices and global growth
Global shipping costs
Global oil reserves
Living standards and energy prices
Natural capital

Thursday Jun 12, 2025
Rare earths, the supply side and energy
Thursday Jun 12, 2025
Thursday Jun 12, 2025
Financial markets have experienced considerable gyrations in recent weeks, reflecting substantial shifts in investor expectations and heightened uncertainty, largely driven by ongoing US tariff policies. Against this backdrop, consensus growth forecasts have seen notable downward revisions across most major economies over the past 6 months. In our charts this week we home in on:
The Blue Chip growth consensus
The Blue Chip inflation consensus
Supply chain pressures and PPI inflation
US policy rate uncertainty
The UK labour market
Energy and growth

Thursday Jun 05, 2025
Fault Lines and Rate Cuts
Thursday Jun 05, 2025
Thursday Jun 05, 2025
Recent weeks have seen a complex recalibration in global financial markets, as investors weigh the implications of renewed US tariff actions against accumulating signs of economic softness and growing confidence in the prospect of central bank easing. In our charts this week we home in on:
The global policy rate consensus
The US labour market and Fed easing expectations
Oil prices and inflation surprises
Services inflation in the euro area
Global trade conditions
China's domestic imbalances

Thursday May 29, 2025
The Yield Awakening
Thursday May 29, 2025
Thursday May 29, 2025
Financial markets have entered a more unsettled phase, with long-term yields, until very recently, rising notably across the US, Europe, and Japan. While inflation persistence and increased government borrowing have played a role, the moves also reflect broader concerns about global policy credibility and capital market dynamics. In our charts this week we focus on:
The US dollar and Treasuries
Savings and investment imbalances
Central banks' QE policies
US productivity growth
Productivity growth in other advanced economies
Electricity prices

Thursday May 22, 2025
Uncertainty Lingers
Thursday May 22, 2025
Thursday May 22, 2025
Despite escalating global economic uncertainty—driven in large part by US tariff policies—equity markets have, until recently, continued to surge, seemingly shrugging off risks that would typically provoke caution. This disconnect has grown more conspicuous in the wake of last week’s downgrade by Moody’s of the US sovereign debt outlook, which underscored mounting concerns over fiscal sustainability. In our charts this week we focus on:
Markets and uncertainty
Growth surprises and stocks
Regional growth surprises
US financial conditions
Japan's portfolio flows
Asia's energy demand

Thursday May 15, 2025
Sentiment Up, Forecasts Down
Thursday May 15, 2025
Thursday May 15, 2025
Financial market sentiment has improved notably in recent days, buoyed by an unexpected pause in the US-China tariff war and the May 12 announcement of significantly reduced bilateral tariff rates. This détente has eased investor fears of a deepening global trade shock and sparked a rebound in risk appetite. Our charts this week focus on:
US shipping activity
The Blue Chip Growth Consensus
The Blue Chip Inflation Consensus
Global imbalances
US bank lending standards
Oil prices and inflation expectations

Thursday May 01, 2025
Tariff Truce, Tenuous Trust
Thursday May 01, 2025
Thursday May 01, 2025
Financial markets found a measure of calm this week, buoyed by some subtle shifts in tone from US policymakers. But beneath the surface, significant downside risks persist. In our charts this week we focus on:
China-US shipping activity
US and Euro area GDP growth
Yield differentials and the US dollar
Structural growth drivers and the dollar
Competitiveness gauges in the US, Europe, Japan and China
Monthly wage costs in selected economies

Friday Apr 25, 2025
Dollar Dips and Trade Trips
Friday Apr 25, 2025
Friday Apr 25, 2025
Financial market volatility has remained elevated over the past several days as investors attempted to weigh a modest improvement in sentiment—driven by a potential, if partial, retreat by the US administration from its aggressive tariff stance—against a still-cloudy global outlook. In our charts this week we focus on:
Global growth signals
US capex intentions
South Korea's trade
Gold prices
The US dollar and market volatility
Global rebalancing