Global slowdown as tightening takes hold, but the fortunes of the major economies are diverging The US narrowly avoids recession, but the euro area and UK do not; China slows With inflation past its peak and recession risks still elevated, real rates come down more quickly than is priced in by financial markets The US has led the G7 on productivity for decades, while the UK trails behind on almost all metrics The dynamism of the US is set to…
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