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.
The Federal Reserve (Fed) will seek to gradually remove its accommodative policies, not tighten to the point it slows growth. At least not yet. An expanded toolkit should help it find the right balance.
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.