The tariffs being levied by the US are potentially creating a global recession centered on our allies:

edition.cnn.com - Global impact US tariffs trump intl

I dropped into a wine shop today and asked what they were carrying in South African wines (usually these are both cheap and good). It turned out, just a single rather expensive sauvignon blanc. I guess the only South African imports which are unrestrained are right-leaning Afrikaans.

Interestingly, China has been able to avoid most of the pain by threatening to cut supply of rare earth magnets - causing a panicked search for replacement sources by the US.

"Unfortunately" the BLS will be reporting its November inflation figures after the Federal reserve meeting, but I suspect next year's figures may be tweaked to satisfy the "boss's" expectations and keep the pressure to drop interest rates further.

Between farm subsidies to compensate for business lost due to tariffs and other carve-outs, the policy is clearly beginning to backfire as far less is being netted from the tariffs than lost due to tax cuts - increasing the deficit - which will tend to have the bond vigilantes increase the rate they will require to purchase long-term US bonds.

Jeff