US and Eurozone labor markets appear to be in good shape, with headline unemployment rates near historic lows. But three strong undercurrents (immigration policy, the energy-price shock and AI) are churning beneath the calm surface.
The Middle East crisis is squeezing airlines’ jet-fuel supplies. Unlike previous oil crises, the main bottleneck lies in refining capacity and product logistics.
The US dollar emerged as the last remaining safe haven standing amid the war in Iran. However, this situation is increasingly conditional and regime-dependent.
