Jeroen Blokland

What could hardly be considered a surprise anymore still turned into one. The annual revision of US job growth came in even bigger than expected. As anticipated, it triggered a flood of reactions—though often the wrong ones.

Lovely vacation or not, some things never change. Like the seemingly endless task of filling lunch boxes for school kids. But also, France’s political instability never ends. The simple reason is that the underlying problem—its budget mess—can no longer be cleaned up.

Now that several major trade deals—however skewed and ambiguous—have been announced, markets are left searching for the next catalyst to keep the bull market alive. One likely candidate can be found in some rented office space in Washington.

While many economists were once again forecasting a recession and plenty of so-called market experts were calling an end to the rally, equity markets are celebrating summer with new record highs. I’m curious to see how they’ll explain their latest miss.

Developments in public finances are unfolding at such a rapid pace that there’s barely time left to look at asset prices themselves. But if you take a step back, it’s hard not to conclude that we are witnessing a regime shift. So why is hardly anyone talking about it?

Each week, I think about which macro figure or market theme to explore in this column. Then, out of nowhere, another article pops up about that enormous elephant in the room: our debt-fueled economic system is creaking so loudly that it can’t be ignored.

It’s done. With the deciding vote cast—no less—by Vice President J.D. Vance, the “One Big Beautiful Bill” passed in the US Senate. Yet another piece of evidence that bond investors stubbornly refuse to acknowledge: their asset class is becoming obsolete.

Under control. No, that title isn’t about Iranian airspace—although, with recent developments, an entire column could easily be dedicated to that as well. The title refers to the American consumer, who, despite all the uncertainty surrounding tariffs, has yet to throw in the towel.

European policymakers, economists, and politicians are in desperate need of a reality check—an awakening that brings them back down to earth and forces them to finally make effective, objective, and intelligent decisions. Something that has been missing for years.

Economists have a knack for elevating seemingly simple assumptions into so-called science—even though economics isn’t really a science at all. Nevertheless, endless books are written about a single abstract interest rate number.