Global Weekly: Central banks taking it slowly

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The global economy is doing well and US stock indices continue to hit new record highs. Inflation, however, remains persistently low. Our economists this week signalled that monetary tightening by the Fed and ECB might take more time than previously anticipated.

Stock markets around the world rose slightly this week. On Wednesday, the S&P 500 Index set a new all-time high of just below 2,500. After hitting a level of around 800 in March 2009, the index has more than tripled. European stocks also moved higher. However, the STOXX Europe 600 Index is still below its peak of March, due to the strength of the euro. Market volatility remains very low, with the VIX Index – an important gauge of volatility – just above 10.

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