Oil dropped 7% overnight to two-week lows amid eased Middle East risk . The dollar slid further—especially versus the yen—while long-dated Treasuries held onto gains as Fed officials pushed back against imminent rate cuts. Global equities are rallying after the Iran-Israel ceasefire took effect. But bond markets remain cautious; Fed officials are tempering rate-cut expectations, and the dollar is sliding—particularly against the yen.
But below the headline rebound, regional data is drawing sharp lines between resilience and fragility. Here’s how the macro picture is evolving across the major economies:
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