• Incoming data point to an uptick in economic growth across the majors
  • The more transitory parts of inflation have softened, leading to a rebound in confidence and spending
  • Labour market tightness has eased under the surface, with vacancies down across several major economies
  • For the moment, bond market investors have added some additional hiking this year, and pushed out expected easing to 2024
  • An immaculate disinflation is possible; but the odds still suggest central banks will face a dilemma between maintaining positive economic growth or returning inflation to their target

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