Macro Economic Data paints an imperfect picture of the US economy – but the numbers are likely to be challenging in coming months. We should pay attention to them, but the underlying resilience of the US economy to disruption may yet surprise us!

Next week I will be either stuck in the queues at Heathrow, or sailing round Greece. Time to unwind and think about the state of the World. Or… maybe not ruin my break by scaring myself! Some thoughts on Global Macro.

Markets are digesting what’s been a fascinating week in terms of swings, tensions and threats. Everything from Supply Chains, Taper and Inflation is on the radar as speculative assets swing widely. Maybe it’s time to sit back, step away and take time to consider the macro issues of recovery, and the micro issues about how the pandemic has altered behaviours. The UK’s bounce bank loans could highlight how the world has changed as massive defaults are expected.

Meanwhile, the AA goes straight to the top of my list of firms that should be wiped from the face of the Earth…