May Eurozone HICP 

Five consecutive months of job losses – is the UK already in a recession?

Glass Three-Quarters Empty

A resilient facade hiding cyclical weakness

June US Employment

Revisions rewrite the narrative: the job market may have turned months ago

US Labour Market Turns

Fed path still tilting toward easing, but Q4 goods risks could temper pace

Inflation Data Offers Modest Relief

UK resilience holds for now as structural and cyclical headwinds build

Growth Beat With Momentum Set To Ease

Jobs beat hides soft core, Fed cut in play

US May Employment

 May UK Employment

Diverging views emerge on BoJ's QT strategy—less tapering doesn't mean policy is turning dovish

Less Taper, Not Less Tight

Fed held rates steady in June, signalling patience amid elevated sticky inflation and softening labor

Stuck in the Middle

September move still on the table, but odds are fading

ECB Pauses After 200bps Cuts

Caution over sticky inflation and global risks

The ECB’s 25bp Cut: A Pivot or a Pause?

Swiss Deflation; What’s Next

Is this the start of a broader structural weakening trend?

From King Dollar to Weaker Buck

Reading the labour market without payrolls

Putting Pieces Together

Fault Lines

The price of protection: Europe's trade deal and its market fallout

A Faustian Bargain

A volatile cocktail of politics, tariffs, and a restless business cycle

Fed Up: Powell Is Navigating A Political Minefield

Holding steady as the next move hinges on labor

Fed Pushes Back

Why its safe haven appeal has never been more critical

Gold’s Supercycle

Structural demand for lithium remains strong, yet oversupply has depressed prices and investor sentiment

Can Chile’s White Gold Shine Again?

Can Milei break Argentina's vicious historic inflation cycle?

Milei's Chainsaw

Despite its economic strength, Spain faces a rising risk of political breakdown

Solid Fundamentals, Soft Institutions

Europe Shines Amid Global Strain

Taco Trade or Tariff Trap? 

What the 2025 Nobel laureates taught us about economic growth

The Mechanics of Prosperity

Elements of Power

Siesta or Fiesta?

A New Golden Age

Argentine’s leap of faith after one hundred years of crisis

One Last Tango

Assessing whether today's AI boom resembles past episodes of exuberance

Bubble Diagnostics

Abenomics at the Crossroads

Can the "Iron Lady" of Japan reignite household prosperity?

The Missing Arrow

After the Miracle

Peru's macro strength masks social sickness  

Monetary Vaccine

Locked and Loaded

The Spender’s Shield

A tax rate surge and mounting fiscal drag — but how does Britain really compare to its peers?

Are UK Taxes Really That High?

Decades of tailwinds have turned to headwinds

How Did We End Up Here?

Treat the Root, Not the Branch

The Brittle Map of Globalisation

Brazil’s two steps forward, one step back

A Bitter Lesson

Heavy Lies the Crown

The rise and fall of monetary independence

A Confidence Game

Saudi Arabia's bold attempt to cure Dutch Disease

Royal Rush

Steven Bell on the UK’s Fiscal Reckoning

Expert investment research, market analysis, and economic commentary from Zola Analytics.

Zola Insights

Zola Insights

Steven Bell on the UK’s Fiscal Reckoning

Royal Rush

A Confidence Game

Heavy Lies the Crown