Global Data Pod Weekender: All’s unclear that ends unclear

The data in hand continue to paint a picture of solid momentum in activity at the start of the year. However, while today’s US payroll report was encouraging, the March global PMIs send a more cautionary signal that fear is building for where the expansion goes in the current quarter. From here, each week of closure in the Strait of Hormuz raises the risk considerably of a much more serious hit from the commodity shock.

 

Speakers:

Bruce Kasman

Joseph Lupton

 

This podcast was recorded on 3 April 2026.

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