| Today's Economy
Economic Roundup: Cold Comfort March’s CPI was encouraging but will do little to calm nerves at the Fed. Europe Daily Briefing: Pressing Pause The EU and the U.S. announced a bilateral 90-day pause in tariffs. Merz's Grand Coalition Emerges Germany's new coalition agreement may be too timid in addressing structural challenges. Asia-Pacific Daily Briefing: Prices Keep Falling in China Consumer and producer price indexes for March fell from a year ago. » VIEW MORE TODAY'S ECONOMY
Commentary
Euro Zone Forecast Update: Sizable Growth Downgrade and Much More We have implemented a major downgrade to our growth forecast while also making changes to inflation, interest rates and fiscal policy. APAC Outlook: U.S. Versus Them Confusion reigns as Trump does a policy backflip on tariffs. Canada Risk Matrix: Out of the Frying Pan The escalating U.S. tariff war and falling markets raise recession risks for Canada. U.S. Risk Matrix: U.S. Protectionism The world's biggest economy has initiated a trade war with every other country on the planet. » VIEW MORE COMMENTARY
Today's Economic Indicators
Norway
Consumer Price Index
Mar. 2025: 2.6% y/y
Norway’s CPI inflation rate slowed to 2.6% y/y in March after soaring to 3.6% in February. Denmark
Consumer Price Index
Mar. 2025: 1.5% y/y
Danish headline CPI growth measured 1.5% y/y in March, slowing from 2% in February and slightly under our estimated 1.6% rise. Philippines
Monetary Policy
Apr. 2025: 5.5%
Bangko Sentral ng Pilipinas lowered the overnight reverse repo rate by 25 basis points at its April meeting. Taiwan (China)
Foreign Trade
Mar. 2025: US$7 bil
Taiwan’s trade surplus was $7 billion in March, compared with $6.6 billion in February. Italy
Industrial Production
Feb. 2025: -0.9% m/m
After rebounding in January, Italy's industrial production fell by 0.9% month over month in February, slightly worse than our forecast of a 0.7% drop. Ireland
Consumer Price Index
Mar. 2025: 2.0% y/y
Inflation in Ireland rebounded in March, following a slight dip in February. Portugal
Consumer Price Index
Mar. 2025: 1.9% y/y
Portugal's headline inflation maintained its downward trajectory in March, easing from 2.4% in February to 1.9%. Canada
Building Permits
Feb. 2025: 2.9% m/m
In February, the total value of building permits issued in Canada rose by 2.9% to $13.1 billion, driven primarily by a significant increase in British Columbia's nonresidential sector. United States
Jobless Claims
April 05: 223,000
U.S. initial claims for unemployment insurance are holding steady. United States
Consumer Price Index
Mar. 2025: -0.1% m/m
Inflation was surprisingly soft in March. United States
St. Louis Fed Financial Stress Index
April 04: 0.09
The St. United States
Natural Gas Storage Report
April 04: 57 bil cubic feet
Last week’s increase in natural gas stocks fell short of analyst predictions. United States
Monthly GDP
Feb. 2025: 0.9% m/m
U.S. United States
California Manufacturing Survey
2025Q2:
United States
Treasury Budget
Mar. 2025: -$160.5 bil
The U.S. federal government recorded a budget deficit of $160.5 billion in March, $76 billion smaller than in the same month last year. United States
FOMC Minutes
Mar. 2025:
The Federal Open Market Committee released minutes from its March meeting. » VIEW MORE ECONOMIC INDICATORS | 
