Macro Briefing: 2 April 2024

* Gold prices reach a new record high on Monday
* Housing is the Fed’s main inflation challenge lately
* Expectations for European stock are far too low, advises JP Morgan analyst
* US construction spending falls for second straight month in February
* Eurozone manufacturing activity continued contracting in March: PMI survey
* ISM Mfg Index in March indicates slight expansion–first increase in 16 months:

US debt-to-GDP ratio on unsustainable path, according to a set of simulations run by Bloomberg Economics. “In 88% of the simulations, the results show the debt-to-GDP ratio is on an unsustainable path — defined as an increase over the next decade.”