WKLY - Global Macro Outlook - Second Quarter 2023

2023-04-09 23:56:00 ET

Summary

• As the year progresses, the 2023 outlook has become murkier rather than clearer.
• The US economy significantly outperformed our expectations in 1Q.
• We expect policymakers in China to emphasize domestic drivers of demand in their efforts to boost growth rather than focusing on the external sector.
• The outlook for the European economy has brightened materially in recent months.
• The unexpected resilience in developed market labor markets and sticky inflation in DM and emerging markets put central banks back on high alert.

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