Governing Council began by discussing recent global economic developments. Overall, the global economy was stronger than had been expected at the beginning of the year. While growth had slowed, consumer and business spending was resilient, particularly in the United States. Headline inflation had fallen in most advanced economies largely because of lower oil prices and easing goods price inflation. Governing Council reflected on some common themes that were evident across advanced economies: Measures of core inflation had proven to be stubborn due to robust consumer demand, tight labour markets and elevated inflation ... (full story)