AI capital spending faces higher-rate test as cash flow gap widens
US AI investment has helped offset monetary tightening, but analysts point to equity declines and rising bond reliance as risks to...
By David L. Chen 2 months 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
Gates pledge highlights low-cost tools to reduce maternal deaths
A $215 million women’s health commitment comes as WHO data show more than 700 women die daily during and after pregnancy and child...
By David L. Chen 2 months ago
US housing starts fell to 1.246mn annual rate in October
Calculated Risk said October housing starts were 7.8% below a year earlier, while year-to-date activity was down 0.7%.
By David L. Chen 2 months ago
UK inflation stays at 2.8% as transport costs offset food declines
Britain’s May CPI undershot Reuters-polled expectations, leaving markets largely positioned for a Bank of England rate hold this w...
By David L. Chen 2 months agoUS services activity rose to 54.4% in December, ISM says
The ISM Services PMI reached its highest 2025 reading, with employment returning to expansion and prices easing but still elevated...
By David L. Chen 3 months ago
US mortgage applications fell 9.7% over holiday-adjusted two-week span
MBA data showed lower loan application volume despite a decline in the average 30-year conforming mortgage rate to 6.25%.
By David L. Chen 3 months ago
U.S. job openings fell to 7.15 million in November
BLS data showed openings lower in November, while hires and separations were steady at 5.1 million, signaling reduced labor demand...
By David L. Chen 3 months ago
US weekly jobless claims rise to 208,000 as four-week average falls
Initial claims increased by 8,000 in the week ended Jan. 3, while the four-week average fell to its lowest level since April 2024.
By David L. Chen 3 months ago
US data docket puts trade gap and jobless claims in focus
Consensus estimates cited by Calculated Risk point to a wider trade deficit and a modest rise in initial unemployment claims.
By David L. Chen 3 months ago
US wholesale used-car prices edged higher in December, Manheim says
Manheim’s used-vehicle index rose to 205.5 in December, up 0.1% on the month and 0.4% from a year earlier after adjustments.
By David L. Chen 3 months agoBank of England holds rate at 3.75% as energy shock clouds inflation
The U.K. central bank kept rates unchanged, with policymakers weighing weak output against inflation risks tied to the Iran war an...
By David L. Chen 3 months ago
Ancient Greek oligarchy frames a warning on US minority rule
Matt Simonton links classical Greece’s elite regimes to modern US concerns over wealth, institutional veto points and the Senate f...
By David L. Chen 3 months ago