Pantheon Publications
Below is a list of our Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep.
Please use the filters on the right to search for a specific date or topic.
In one line: Upside risks building in energy, but the Q1 core looks benign on our forecasts.
Claus Vistesen (Chief Eurozone Economist)Eurozone
Manufacturing still looks fragile despite this improvement.
Oliver Allen (Senior US Economist)US
- In one line:Disappointing retail sales raise the risk of a small GDP fall in Q4, so the MPC will definitely cut rates in February.
Rob Wood (Chief UK Economist)UK
China's official GDP hits 2024 target thanks to Q4 stimulus sugar rush, but domestic demand is still lagging output growth
Duncan WrigleyChina+
- The PBoC is stressing USDCNY support and holding rates steady, but we see this as tactical.
- Domestic demand is still lagging behind output growth, despite the Q4 GDP print.
- Currency depreciation will be part of the toolkit in response to likely aggressive US trade action.
Duncan WrigleyChina+
- Weak capex and declining private consumption raise alarms for Mexico’s near-term economic outlook.
- Potential tariff threats and trade negotiations could complicate economic ties between US and Mexico.
- Ongoing reforms and budget deficits will hinder Mexico’s economic flexibility and growth prospects.
Melanie Debono (Senior Eurozone Economist)Eurozone
- The weight of services in the CPI is likely to rise slightly in 2025, while the weight of goods should fall.
- Weight changes will be small compared to last years’ but still add 11bp to our inflation forecast…
- …because a smaller than usual weight of airfares in January reduces the impact of New Year price falls.
Rob Wood (Chief UK Economist)UK
- Tariffs are inflationary, despite claims to the contrary, and we see other upside risks during Trump 2.0…
- …But a repeat of the runaway inflation seen in the latter half of the 1970s seems very unlikely.
- The Fed provides a far more effective backstop against sustained inflation now than it did back then.
Samuel TombsUS
- Weak capex and declining private consumption raise alarms for Mexico’s near-term economic outlook.
- Potential tariff threats and trade negotiations could complicate economic ties between US and Mexico.
- Ongoing reforms and budget deficits will hinder Mexico’s economic flexibility and growth prospects.
Andrés Abadía (Chief LatAm Economist)Latin America
- Every major city in Taiwan is now “impossibly unaffordable”; the housing bubble is expanding.
- The central bank is trying to dampen demand, but overly aggressive policies may create a crisis...
- …The opposite, however, would increase the risk of a more severe housing-price crash down the line.
Miguel Chanco (Chief EM Asia Economist)Emerging Asia
- China’s Q4 GDP growth surpassed market expectations, thanks to stimulus policies.
- But domestic demand remains weak overall, especially compared to vigorous output growth.
- China will need to step up fiscal policy support to nurse its recovery, as it faces export growth risks.
Duncan WrigleyChina+
- Upside risks are building for EZ energy inflation in January due to rising oil prices and one-off effects.
- Our Q1 core inflation forecasts are lower than the ECB’s, but we’re in line on the headline.
- We still see three more 25bp rate cuts this year, but risks are now tilted towards two.
Claus Vistesen (Chief Eurozone Economist)Eurozone
- We wobbled on our call for three rate cuts this year, but soft growth keeps us on track.
- GDP is now trending down slightly, and disappointing retail sales raise the risk of a small GDP fall in Q4.
- Payrolls next week will show whether employment really tanked in December, as the PMI signalled.
Rob Wood (Chief UK Economist)UK
Spending still very strong, but likely to soften.
Oliver Allen (Senior US Economist)US
- In one line: A modest gain, in contrast to sectoral data.
Andrés Abadía (Chief LatAm Economist)Global
- In one line: A modest gain, in contrast to sectoral data.
Andrés Abadía (Chief LatAm Economist)Latin America
In one line: EZ goods trade was still a drag on growth in Q4.
Melanie Debono (Senior Eurozone Economist)Eurozone
- In one line: The trade deficit narrows in November but remains wide; import prices point to firming goods inflation.
Rob Wood (Chief UK Economist)UK
- In one line:Budget uncertainty, tax hikes and Mr. Trump's tariff threats continue to weigh on growth
Rob Wood (Chief UK Economist)UK
