Investors bet central banks will not spoil the party. US inflation has fallen, and the global economic outlook has improved, painting a rosy picture of a soft landing. This painting, however, is broadly inconsistent across asset classes. In recent months, the global growth outlook has been on a much more constructive footing than feared by most investors. In the US, inflation has declined sharply, while the economic cycle has weakened slower than expected. There is little evidence indicating an immediate hard landing. If anything, falling prices mean high nominal wage and spending growth could improve the real growth ... (full story)