The Political Premium

US equities pushed to fresh highs again this week, the dollar is firmer than it was a month ago and gold sits some way below its late-August peak. Capital is being pulled towards American investment rather than away from risk. In our charts this week:

→ US hiring has slowed, but so has the bar it must clear

→ French spreads now wider than Italy's

→ Political stability has tracked living standards since 2019

→ America's yield rise is real, Europe's is inflation compensation

→ Supply chain pressure back at 2022 levels

→ One economy holding the global expansion up