Then, over the southern hemisphere summer, it became clear that this was more than a financial market reaction to political events in one country. The outlook had become more positive.
The first sentence of the February 2017 SMP Overview read: 5 / 10  BIS central bankers' speeches  ‘The global economy entered 2017 with more momentum than earlier expected.’ The facts had changed, and we had changed our minds. The nature and pattern of the pick-up in the data convinced us.