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But we saved everything 🙂.
Axel Merk summarizes recent comments from European Central Bank President Christine Lagarde. According to Merk, the ECB chief highlighted that services are down while manufacturing is up, partly due to changes in supply chains and defense needs.
Lagarde also pointed to historically low unemployment, eroding real wages, and declining demand.
Merk has previously observed activity in global markets. He reported that the Dubai real estate market is recovering as investors appear less concerned about the Iran war. In another note, he said gold prices have moved in response to changes in real yields during the Iran conflict.