Recent shifts in financial market pricing reflect the move toward solid global growth, positive data surprises, upward revisions to forecasts and the balance of risks shifting from deflation and slow growth to higher growth and inflation, explains the research team at NAB.
“Low interest rates and very low jobless rates have been a rare combination in the last 40 years – normally rates would be higher in the current environment with the lowest jobless rates in the big advanced economies since the 1970s.”
“The outlook is for ongoing global growth driving modest rises in wage and price inflation as well as higher interest rates.”
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