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December 2023 Monthly
As the year winds down, the global economy appears to be entering a new phase. While North American and European central bankers swear that they are prepared to respond to new threats to price stability, the markets demur. Indicative pricing in the derivatives markets reflects the general conclusion that the central banks have most likely completed the post-Covid monetary tightening cycle. Central bankers are pushing against a premature easing of financial conditions. Last year's sporadically large jumps in monthly CPI measures have dropped out of the 12-month comparisons. Still, inflation remains above targets but ... (full story)