Global Macro Views

"Sur-prise, sur-prise, sur-prise" is what we learned from the incoming data for advanced economies over the past quarter. Unfortunately, only Jim Nabors, who died a few weeks ago, could deliver that message with the correct intonation. In his memory, we want to highlight three surprises across advanced economies. Data on output outstrips expectations, inflation continues to disappoint, and central bankers seem more worried about the former than the latter.