At the same, though, official interest rates in the euro area, Japan, Sweden and Switzerland are still negative, more than a decade after the onset of the financial crisis. In China, growth has slowed a little. The authorities have responded to this, although they also face the challenge of addressing risks in the financial system. There are a few uncertainties that are worth highlighting.
One is the possibility of an escalation in global trade tensions. The measures announced so far are unlikely to derail the global expansion. Even so, in some countries, businesses are delaying investment because of the additional uncertainty. It is possible that this becomes a more general story.