![]() However, categories where price increases have tended to be more persistent accounted for the bulk of the third-quarter inflation drivers. Inflation pressures that tend to be more transitory, such as supply-chain disruptions, continued to fade during the quarter. Goodbye to easy disinflation: The easy US disinflation appears to be over. See our interactive chart presentation for an in-depth analysis. A more challenged liquidity backdrop may contribute to rising market volatility. Europe lost momentum amid a manufacturing downturn and a rise in oil prices.Ĭentral banks continued to remove accommodation by shrinking their balance sheets during Q3. China’s economy appeared to stabilize amid a pick-up in policy easing. Global crosswinds included evidence of solid service activity in many developed economies. Many major economies, including the US, remained in late-cycle expansion. Economy/macro backdrop: An asynchronous late-cycle expansion ![]()
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