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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
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Markets
The stock market has dipped sharply in the early days of Donald Trump’s second term as president, the deepest sell-off since the early days of Barack Obama’s first term, at the height of the global financial crisis.
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The Vix index is a measure of investor expectations for volatility in the US stock market over the next 30 days. The index’s long-term average is slightly below 20. Levels above 25 point to expectations of heightened turbulence, implying daily swings of more than 1.5 per cent in the S&P 500. A rise in the Vix above 30 is typically associated with extreme volatility and has only happened a handful times in the past few years.
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The US dollar index is a measure of the value of the currency relative to a basket of other currencies. The index heads upwards when the dollar strengthens against these currencies and downwards when it weakens.
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Economy
The US has outpaced its G7 peers in economic growth in both the short term and longer term.
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Annual change in US CPI peaked at 9 per cent in 2022, placing it in the middle of the G7 pack, but inflation remains stubbornly sticky.
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Industrial production has been sluggish and sentiment in the industry has vacillated in recent years.
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Federal employment features cyclical jumps due to the decennial census, but still represents a small share of overall employment.
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Additional development by Caroline Nevitt and Eade Hemingway
