The Shape of Resilience in a Slowing World

The present global economy advances not through speed but through balance. Growth persists, yet it is uneven and carried by different engines in different regions. Prices cool in some blocs and firm in others. Policy hesitates. Markets lean toward a soft landing but hedge against disappointment. Beneath these mixed signals is a structure: tradable-goods disinflation, services stickiness, and financing conditions shaped by deficits and demographic shifts rather than short-term interest rates.