Global PMIs Point to Resilient Growth

Purchasing managers' indices across the U.S., euro area, and parts of Asia stayed in expansionary territory, reinforcing the soft-landing narrative.

Under the Hood

• Services continue to do the heavy lifting for activity.
• Manufacturing is stabilizing after a long contraction.
• Input prices remain sticky, complicating the disinflation story.

Policy Implications

Resilient demand gives central banks room to be patient on rate cuts — a double-edged sword for risk assets hoping for faster easing.