Monetary stimulus and a range of policy adjustments have helped the global economy deal successfully with a collapse in commodity prices and associated imbalances of payments in many emerging markets countries. As a result, global growth and prospects for inflation are relative stable, sustainable, and better than current market pricing would suggest. US GDP data, adjusted for inventory swings, points to steady growth, even as the composition of that growth is changing. The ECB and BoJ remain accommodative as the Fed has indicated a desire to shrink its balance sheet. Geopolitical conflicts continue to pose material risks.