The Real Economy

Market Minutes

Notes on the global economy from RSM US Chief Economist Joe Brusuelas

April 01, 2025

A fundamental structural shift, or regime change, is taking place in the global economy.

Gone are the days of low inflation and historically low interest rates—replaced by an era of higher borrowing costs, elevated prices and scarce capital. In addition, nations are adopting protectionist trade policies as they seek to protect nascent industries and established sectors alike.

RSM’s chief economist, Joe Brusuelas, has been tracking this transition, industry by industry, with his daily “market minute.” You can follow his daily briefings on The Real Economy Blog, and on X at @JoeBrusuelas.

We highlight several of Brusuelas’ observations in this month’s issue of The Real Economy.


April Market Minutes

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