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The messaging from this week’s raft of economic data has painted an increasingly familiar picture of the global economic scene. Headline inflation is finally easing off its highs in large part thanks to ebbing energy prices. But last year’s high levels of inflation and the global trend toward tighter monetary policy that they sparked are now exacting a heavier toll on economic activity.
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
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