Policy-makers around the world are rightly on alert for threats to that stability. If the US authorities have managed to turn inflation back down, then the foundations for future growth will have been strengthened.
But US policy-makers themselves would still say, I think, that such remains to be seen, and we have recently seen some shift in market pricing in recognition of the fact that the risk of higher inflation has not yet disappeared. Around Asia, Japan is growing again, but the big story is of course China.