The economy has recorded solid growth, the unemployment rate remains relatively low, inflation is consistent with the target, public debt is low and the banking system is sound. Few countries can make such claims. The second is that the types of portfolio flows I talked about earlier do appear to be having an effect here.
This effect is perhaps clearest in the government bond market, with yields near historic lows. But it is also evident in the credit markets, with credit spreads paid by banks having fallen recently.