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PMIs still pointing to robust GDP growth

Once again the PMIs suggest that real activity in advanced economies continues to shrug off the effects of higher interest rates. According to the flash PMIs, GDP and employment growth both got off to a strong start in Q2, even amid the banking sector turmoil. But the flipside is that inflationary pressures are no longer easing, meaning that central banks will need to tighten policy a bit further.

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