Macro catch-up: the global state of play

Developments in the past few weeks have moved the dial somewhat on the global story. In major DMs, there have been more signs of activity softening either in terms of output or employment, evidence of disinflation continues to mount, and it has become clearer that interest rates are at or very close to their peaks. Meanwhile, the prospects of a cyclical rebound in China have improved a little, although the longer-term outlook for the economy remains poor.