Calm before the storm?

Financial markets have remained relatively calm in recent days despite potentially disruptive US trade policy shifts and incoming data indicating that inflationary pressures have been lingering. Investor sentiment suggests a wait-and-see approach, with markets appearing confident that central banks can navigate inflation risks without triggering sharp economic slowdowns. In our charts this week we home in on:·       Uncertainty and markets

·       US inflation and tariffs

·       Wage pressures in the US and Europe

·       Global growth at the end of last year

·       Electricity prices in major economies

·       Japan’s economic momentum