Money growth remains weak but is rebounding steadily, with our broader M3 measure recovering to its strongest since mid-2022. But there is no reason to expect this to drive a rebound in inflation.

Our view that the Bank of England will become less concerned by the most persistent part of services CPI inflation suggests that it will cut interest rates in the summer, perhaps in June. But the risk...

Morocco’s improving balance of payments position and the sharp slowdown in inflation should provide the central bank, Bank Al-Maghrib (BAM), with the confidence to take the next step toward a fully...