Fault Lines and Rate Cuts

Recent weeks have seen a complex recalibration in global financial markets, as investors weigh the implications of renewed US tariff actions against accumulating signs of economic softness and growing confidence in the prospect of central bank easing. In our charts this week we home in on:

• The global policy rate consensus
• The US labour market and Fed easing expectations
• Oil prices and inflation surprises
• Services inflation in the euro area
• Global trade conditions
• China's domestic imbalances