Resilient growth, restless yields

The real economy has refused to buckle. Through a year of tariffs, conflict and tighter money, global growth has held up — and firmer growth has sat naturally alongside higher yields. Indeed, what stands out is why those yields are climbing: almost entirely the real rate and behind it the deeper question of who is now willing to fund America's debt. This week's six charts: 🔹 Global GDP held near its long-run pace in Q2 🔹 August flash PMIs confirm it — helped by industry 🔹 South Korea's chip exports go near-vertical 🔹 The yield climb is being led by the real component 🔹 The world funds a shrinking share of US debt 🔹 Surplus nations turn to gold