Debates over Ukraine's counter-offensive, concerns about slow progress, disconnect between consumer sentiment and spending, and the decline of New Zealand's All Blacks.
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Quick takeaways
Allies of Ukraine in the ongoing conflict are divided on the focus, level of aggression, and tactics of the counter-offensive, causing delays in progress.
Consumer sentiment in the United States no longer correlates with consumer spending, raising questions about its significance as an economic indicator in recent times.
Deep dives
Ukrainian Counter-Offensive Stalls in Battle Against Russia
The Ukrainian counter-offensive in the ongoing conflict against Russia has slowed down, with progress reduced to small advances in square meters or kilometers. There are emerging divisions among Ukraine's allies regarding the focus, level of aggression, and tactics of the counter-offensive. Some argue that Ukraine should focus on different regions and be more aggressive, while others debate whether Ukraine should adopt a Western or its own approach to warfare. These divisions have spilled over into the press, but Ukrainian forces continue to push forward, albeit at a slower pace due to various challenges and limitations.
Pessimism Doesn't Stop Americans from Spending
Despite a significant fall in consumer sentiment, Americans are continuing to spend money rather than tightening their belts as economists would have expected. Traditionally, changes in consumer sentiment have correlated with changes in consumer spending, impacting the overall economy. However, the relationship between sentiment and spending has broken down during the COVID-19 pandemic, leading to puzzled forecasters. Various macroeconomic factors used to predict consumer sentiment are no longer accurate, while the relationship between these factors and actual consumer spending has remained stable. This has raised questions about the significance of consumer sentiment as an economic indicator in recent times.
New Zealand All Blacks' Dominance in Rugby Wanes
The New Zealand men's rugby union team, the All Blacks, historically known for their dominance in the sport, have seen their winning streak challenged in recent years. The team's performance has slipped since their coach Steve Hansen retired, winning fewer matches under his successor Ian Foster. Factors contributing to the decline include a cooling interest in rugby in New Zealand, concerns over player safety, and the attraction of bigger money in other leagues. Meanwhile, rival teams, particularly from the Northern Hemisphere, have improved significantly, leading to a more competitive World Cup and a less certain outcome for the All Blacks.
As progress on the front line slows, Western countries are divided over how the army should proceed. There are disagreements about where should be targeted and how, and with autumn around the corner, time is of the essence. Why Americans’ feelings about their economy have become a less useful indicator for forecasters (12:34). And, are New Zealand’s rugby team off their game (18:24)?
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