Episode
The Price of an Investment Boom
- Podcast
- Macro Pulse
- Published
- Jul 30, 2026
- Duration seconds
- 715
- Processing state
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Summary
The Federal Reserve held rates again this week, but the more consequential story is the investment cycle now lifting the real cost of capital — and whether all that spending will pay off. This week's charts trace it from the Fed to the physical constraints that will decide the outcome: Fed holds a fifth time, but on a divided vote Real yields at a two-decade high — driven by growth, not inflation July flash PMIs show a manufacturing-led upturn G4 manufacturing orders have turned firmly higher The equity–bond correlations that broke in 2022 have reverted Baltic energy freight surges while dry bulk stays calm