Private security industry 2025 revenue tops $50 billion estimate
The U.S. private security industry exceeded $50 billion in 2025, as a San Diego business association and S&P 500 companies raised...
By David L. Chen 1 month agoSenior Columnist
David L. Chen
David writes the opinion column on currencies, trade, and the politics of global capital. Formerly an FX strategist in Hong Kong and London.
Latest from David L. Chen
Euro zone inflation August 2026 rises to 3.3% as ECB rate expectations harden
Euro-area inflation accelerated on energy costs, while easing core prices leave the path beyond a likely September ECB move uncert...
By David L. Chen 1 month ago
Andrew Bailey warns frontier AI could raise systemic cyber risks
The FSB chair told G20 officials that frontier AI may reshape cyber risk and erode confidence across an interconnected financial s...
By David L. Chen 1 month ago
ADP private payrolls rose 38,000 in August, missing forecasts
ADP said private employers added 38,000 jobs in August, led by health and education, while manufacturing and business services con...
By David L. Chen 1 month ago
Kevin Warsh Jackson Hole remarks keep inflation concerns in focus
Fed Chair Kevin Warsh said better-than-expected summer readings had not shown meaningful improvement in underlying inflation trend...
By David L. Chen 1 month ago
Treasury General Account buybacks remain an option, CNBC reports
Treasury could use cash held at the Federal Reserve for larger bond buybacks, but officials gave no commitment, amount or timetabl...
By David L. Chen 1 month agoHow to calculate the natural rate of unemployment
Use the frictional-plus-structural formula for a classroom exercise; real-world natural rates require model-based estimates.
By David L. Chen 1 month ago
July core PCE inflation rises 3.3% from a year earlier
Core PCE rose 0.2% in July and 3.3% annually, while headline PCE held at 3.7%, keeping inflation above the Fed’s target.
By David L. Chen 1 month agoPhilippines diesel price increase outpaces gasoline and kerosene
Philippine pump prices rose again from August 25, with diesel up P2.31 a litre as global refined-fuel costs increased.
By David L. Chen 1 month ago
Portfolio balance vs loanable funds: two views of real rates
A teaching note compares how loanable funds and portfolio balance explain deficit-driven rate rises and private-investment pressur...
By David L. Chen 1 month ago
AEPF2026 Singapore conference reports 17 research presentations
East Asia Research says its inaugural Singapore forum brought together research on green growth and policy, with a future paper se...
By David L. Chen 1 month agoMicroeconomics vs. macroeconomics: differences and examples
Microeconomics studies individual markets and decisions by consumers and firms. Macroeconomics examines economy-wide output, emplo...
By David L. Chen 1 month ago