Following the latest interest rate rise in the US, we expect a further one in September and balance sheet reduction to kick in around the turn of the year.
The global recovery remains intact and political risks have eased, but more traditional macroeconomic concerns return to the fore.
We have downgraded most of the BRIC economies as idiosyncratic stories deteriorate. China escapes unscathed, with a slowdown still expected later this year after a strong first quarter, as tighter policy bites.
Andrew Rose explains why the geopolitical backdrop should not distract investors from positive company-level changes in Japan.
A drastic fall in inflation over the past year has led to the Brazilian central bank accelerating its easing. Further cutting is likely to follow in May.
Global central bank roundup: while the Federal Reserve moves towards normalisation of interest rates, it appears to remain a remote prospect for Japan and the UK.
Preceded by lower-than-expected inflation earlier in the day, the decision by the Brazilian central bank to cut interest rates by 75 basis points (bps) instead of the 50 bps forecast was a surprise that had been a while in the making.