Macro Dashboard

Expanding

⚠Illustrative — Not Live Market Data

Global M2 money supply is expanding at an estimated 8.2% year-on-year, driven by coordinated monetary easing across the Fed, ECB and Bank of Japan. Expanding liquidity is historically the single most important driver of risk asset performance. Note: this value is illustrative and pending source-linked verification.

Moderating

⚠Illustrative — Not Live Market Data

US CPI has moderated from its 2022 peak of 9.1% to an estimated 3.1%, but remains above the Fed's 2% target. Services inflation remains sticky at an estimated 4.2%, while goods deflation is providing partial offset. The disinflation trend is intact but fragile. Note: all values are illustrative.

Declining

⚠Illustrative — Not Live Market Data

US 10-year real rates have declined from +2.5% in late 2023 to an estimated +0.5%, driven by the Fed's 200bp easing cycle. Declining real rates reduce the opportunity cost of holding gold and other non-yielding assets, and support equity valuations. Note: all values are illustrative.

Weakening

⚠Illustrative — Not Live Market Data

The US Dollar Index (DXY) has declined an estimated 12% from its 2022 peak of 114.8 to 98.4. Dollar weakness reflects the narrowing US-global rate differential and growing concerns about US fiscal sustainability. A weaker dollar is structurally positive for commodities and emerging markets. Note: all values are illustrative.

Market Data Unavailable

⚠Pending revalidation — observation timestamp not recorded. Price will be displayed after source-linked entry with verified date-time stamp and analyst review.

Gold Spot (XAU/USD) price is pending revalidation. A reference value was noted but the exact observation timestamp was not recorded; per BGAM data governance rules, an unverified timestamp cannot be displayed as last_verified. No BGAM signal, trend, or regime call will be published until a live or delayed data source is connected, the price is source-linked with a verified date-time stamp, and reviewed by an analyst.