Baseline complexities  This baseline for the US economy, which promises economic recovery and policy normalisation, is clouded by developments in Europe, Japan, China and much of the rest of the emerging market universe.
Japan In Japan, the sustainability of the effort to push up inflation and re-ignite growth seems to be in question, in large part because of the futility of trying to use macroeconomic policy alone to address structural features of a complicated socio-economy.