Policy Surprises Versus Data Surprises

Lingering concerns about the US Fed's inclination to lower interest rates in coming months have continued to unsettle financial markets over the past few days. That said, comments from Fed Chair Powell after this week’s FOMC meeting have calmed some of those nerves. In our charts this week we delve into the following issues:

·         The latest Blue Chip consensus for policy rates

·         US growth surprises and 2-year yields

·         The euro and relative growth surprises

·         Japan’s retail sales activity

·         China’s aircraft movements

·         Water levels on the Panama Canal