Flash Report July 2017

Global markets celebrated Christmas in July, bolstered by data indicating continuing steady economic growth and accommodative central bank policy. US economic growth rebounded 2.6% during the second quarter from a sluggish 1.2% start to the year. Wage pressure remains muted as US growth averages around 2%, supporting a gradual Fed rate-hiking path. Softer-than-expected inflation data and less-hawkish ECB and BoJ rhetoric has markets rediscounting the urgency to begin normalizing monetary policy.

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