•  We see ample fiscal headroom for social/economic infrastructure. •  There is policy space on the monetary side, albeit slightly narrower than last year, but the bottom line is. There is room to maneuver for us to address the risks that lie ahead.
While we see the sound macroeconomic fundamentals continuing, we see some risks, particularly on the global front that could raise market volatility in the near-term: 1. We see that the Fed will continue to drive global market sentiment which may, depending on how market interprets the Fed’s forward guidance, translate to market volatility and  BIS central bankers’ speeches  1  2.