Resilient growth, restless yields

The real economy has refused to buckle. Through a year of tariffs, conflict and tighter money, global growth has held up — and firmer growth has sat naturally alongside higher yields. Indeed, what stands out is why those yields are climbing: almost entirely the real rate and behind it the deeper question of who is now willing to fund America's debt. This week's six charts:

🔹 Global GDP held near its long-run pace in Q2

🔹 August flash PMIs confirm it — helped by industry

🔹 South Korea's chip exports go near-vertical

🔹 The yield climb is being led by the real component

🔹 The world funds a shrinking share of US debt

🔹 Surplus nations turn to gold