Central banks walk growth tightrope

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The Macro Report | May 2019

Global economic growth in 2019 is showing signs of picking up amid recovery in the eurozone and China, the world’s second-largest economy. The prospect of a deeper slowdown in China has been one of the biggest concerns for the global economy this year. The U.S. economy, while outperforming other developed countries, will sputter along as the fiscal stimulus fueled by tax cuts wanes and investments slow. Despite some improvement in the data flow, we expect to see headwinds from trade, interest rates, market volatility, and fiscal policies.