Market Sentiment Tracker: What If This Is as Good as It Gets?

The data now points to a global economy drifting rather than adjusting. The U.S. is holding on to labor strength, but the shift in business spending and services activity suggests momentum is already slipping. Europe is cutting rates into a slowdown, not out of one—an admission that the post-pandemic rebound never reached escape velocity. China continues to post surpluses, but they reflect internal weakness, not strength. Across all three, the policy response is either behind the curve or constrained by design. This is no longer about inflation management. It’s about economies that are running out of organic drivers, with little sign that the next leg of growth is in sight.