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What I Am Reading

Monday, June 8, 2026

Latest Morning Briefing

The strength of May’s employment report surprised many, debunking the notion that the US labor market is mired in “low-hire, low-fire” stagnation. But it confirmed the views of Ed and Elias. They expect demand for labor to continue to improve and supply to remain structurally constrained. This should keep unemployment low, boost productivity, and sustain wage growth. That shouldn’t cause an inflationary wage-price spiral over the long term; the AI-sparked productivity boom should keep unit labor costs in check, in line with our longer-term Roaring 2020s hypothesis. But near-term risks remain: The AI buildout is inflationary, and higher wage growth could add price pressure before offsetting productivity gains materialize. … Also: Elias discusses five economic impacts of AI.

Markets

Market Rout Leaves Wall Street Bracing for Rockier TimesWall Street Journal
Elon Musk’s $1.8 Trillion SpaceX IPO: Is It a Good Investment?Barron's
Asia markets tumble as tech rout deepensYahoo Finance
South Korea Unveils Measures to Stem Won Slide, Curb SpeculationBloomberg

Credit

America’s decaying Treasury market needs a fixEconomist

Commodities

Central banks

Goldman Sachs No Longer Expects Fed Interest-Rate Cut This YearBloomberg
These Are the 12 Fed Officials Who Are Voting on Interest Rates This WeekWall Street Journal
Trump Says Fed Rate Increase Would Be Wrong Ahead of Warsh DebutBloomberg
Japan Rate-Hike Hopes Intact Despite Growth MissWall Street Journal

US

Europe

Car industry pressing EU for further delay to Brexit EV tariffsGuardian

Japan

Japan’s Growth Holds Up Despite Drop in Business InvestmentBloomberg

China

China says 'illegal' outbound investment crackdown won't lead to forced liquidationYahoo Finance

Industries

AI

Trade

GE Sees Potential For More China Deals After Trump-Xi MeetingBloomberg

Geopolitics

Israel launches strikes on Iran after Tehran fires barrage of missilesWashington Post
Ukraine is not a charity caseEconomist

Demographics