Macro Briefing: 25 July 2023

* Heatwaves around the world likely triggered by climate change, study finds
* Decades of rising global debt levels starts to bite as borrowing costs increase
* US economic boom possible due to productivity boost: head of Yardeni Research
* When will the drop in US personal savings threaten the expansion?
* Federal Reserve expected to lift interest rates tomorrow (Wednesday, July 26)
* Chicago Fed Nat’l Activity Index: US growth remains below trend in June
* US economic momentum slows in July via PMI survey data:

US consumer is still the critical factor supporting the US economy and keeping recession risk low, says Global X Chief Investment Officer Jon Maier. “The consumer is really holding up the economy. So right now we know the cumulative savings rate is being depleted but is still fairly high. We are seeing actually the savings rate tick up a little bit because people are concerned that they’re running out of savings from the different pandemic programs because of the cumulative savings. But the consumer is still spending.”

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