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People work on the floor of the New York Stock Exchange (NYSE) on July 07, 2026 in New York City. Spencer Platt | Getty Images International Business Machines shares slipped 23% on Tuesday after the hardware, software and consulting provider released preliminary second-quarter results that fell short of expectations. The tech company reported adjusted earnings…
We would like to thank David Autor, Raj Chetty, Nathan Hendren, Ohto Kanninen, Antoine Levy, Attila Lindner, Mathilde Muñoz, Emmanuel Saez, and Danny Yagan as well as participants at numerous conferences and seminars for helpful comments. We are grateful to the Research Council of Finland (grant no. 346252 and 364188) for funding for this project….
We revisit fiscal sustainability through the lens of the government’s budget constraint. What constrains fiscal policy is not the stock of outstanding liabilities per se, but the fiscal cost of servicing debt. Using two centuries of U.S. fiscal data (1800–2023) and a long-run panel of advanced economies, we show that primary surpluses are systematically more…
Photo: Shutterstock The review of the UK civil service will focus on strengthening delivery, accountability, innovation and productivity and will inform related reforms The terms of a wide-ranging review of how to create the vision for the future of the UK civil service as a world class institution has been set out by government. The…
BNY’s Geoff Yu notes the Euro is stabilizing ahead of the ECB decision, with improving spot flow and hedge unwinding supporting Eurozone assets. However, forward and swaps demand remain weak, limiting conviction. EUR/USD is seeing light bids, while EUR/GBP appears more attractive on a risk-reward basis given under-owned positions and potential recovery if Pound momentum…
Long global semiconductors remains the most crowded trade on record as BofA notes ‘no one is short’ !“#$%&‘()*+,–./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !“#$%&‘()*+,–./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}