We are not convinced that negative policy rates will prompt households to save more, in aggregate, even though some may step up their savings for retirement. There are many other drivers of savings...

Despite being revised down yet again, we think the IMF’s latest projections for global growth are still too high. This is partly because the IMF appears to be constrained by the official, government...

Consumption growth has slowed in every major advanced economy over the past six months or so, but prospects for the rest of the year are mixed. Spending should pick up again in the US, where the...

The final Markit manufacturing PMIs, published today, suggest that, having slowed sharply in February, global manufacturing growth recovered in March.