While the market outlook has become more uncertain against the backdrop of a withdrawal of liquidity as well as geopolitical developments which have impacted on the international oil markets, the macroeconomic landscape still appears to be generally favourable, although not without risks. Inflation pressures seem to be building up across emerging markets whilst trade and industrial production trends look robust.
Following the loss of about 8-3/4 million jobs from early  1  Forecast ranges here and below refer to the central tendencies of the projections of FOMC participants, as presented in the “Summary of Economic Projections” released with the minutes of the January FOMC meeting.