This improvement has been reflected here at home in dollar depreciation; higher earnings and stock prices; tighter risk spreads; and an increase in net exports, which made a small positive contribution in the first half of this year after holding down GDP growth over the past several years.
In addition, there are indications that, before too long, central banks in several major economies could begin normalizing monetary policy, in many cases through adjustments to their balance sheets as well as their policy rates.