One of the reasons the FOMC felt comfortable going ahead with the balance sheet normalization plan and signaling another rate hike before the end of the year was the significant progress that has been made on global economic growth and the improving global economic outlook for 2018.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Sept. 22.
- Eurozone and U.K. economic strength have been some of the biggest surprises for the global economic outlook this year.
- The Bank of England could be the next major central bank to start raising interest rates, perhaps as soon as November.
- Japan’s economy is turning the corner. It is likely to continue to grow above trend over the next few years.
- China’s hard landing fears have dissipated this year.
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