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October 2026

The leak found the next pipe
Credit Pulse, October 2026
 • Tihomir Bachvarov
Managers See a Boom, Factories See a Plateau
Macro Pulse Japan, August 2026
 • Tihomir Bachvarov
Seven Moves for One Gallon
US Commodity Snapshot, October 2026
 • Tihomir Bachvarov
Eurozone growth is uneven. The bill keeps rising
Services and technology investment support activity as energy and borrowing costs squeeze the rest of the economy.
 • Tihomir Bachvarov
Rotation on the Ebb Tide
Three central banks hike, the dollar rises, and capital returns to US and European tech while banks and emerging markets fall.
 • Tihomir Bachvarov
Macro Pulse: The Fed hits the brakes, the banks hit the gas
The Fed raised rates, yet bank loans to business grew $46.7 billion in August while households spent their savings.
 • Tihomir Bachvarov
Macro Pulse: China's Factory Gate Opens, the Front Door Waits
China's factories rebounded in August and companies are borrowing long again. Households are still repaying debt and not buying homes.
 • Tihomir Bachvarov
The Ebb Tide
Three central banks raised rates in eight days. The water is pulling back from every shore, and the weakest borrowers are left on dry land first.
 • Tihomir Bachvarov
Rate Hikes Don't Open Hormuz
The ECB is hiking against oil again. In 2011 that ended with Italy's spread above five points. This time France gives first.
 • Tihomir Bachvarov
Macro Pulse: China Is Selling Dearer, Not More
China's exports grew 23.9% in July, but two thirds of it was price. At home, bank loans shrank and households stopped borrowing.
 • Tihomir Bachvarov

September 2026

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