While it is true that bullish equity markets are out of step with the historic contraction in the real economy, to say that they are disconnected from it misses the point. In fact, the lofty valuatio…

Now that a new anti-establishment government is taking power in Italy, it remains to be seen if the economy will be remade, or broken further.

Under Biden and Trump, the U.S. has broken from its long-standing free trade policy. CFR trade experts assess whether the rules-based trading system is worth saving.

Policymakers are increasingly concerned by the U.S.’s dependence on Taiwanese semiconductors. Is onshoring their production to the U.S.—a goal of the CHIPS and Science Act—a practical path forward? 

The global economy will confront serious challenges in the months and years ahead, and looming in the background is a mountain of debt that makes markets nervous—and that thus increases the system's vulnerability to destabilizing shocks. Yet the baseline scenario seems to be one of continuity, with no obvious convulsions on the horizon.