Things are not quite as bad as some headlines imply, although also not great. Plus: inside the retail sales and inventory revisions!

For years I have argued that the official numbers on net interest payments by U.S. businesses were grossly understated. The latest revisions have vindicated my view.

In much of the rich world, the uptick in the cost of capital corresponds to a relatively benign change in (nominal) growth trajectories. This is less true for Europe, and especially for France.