While inflation has slowed considerably from its peaks (particularly in advanced economies (AEs)), disinflation stalled at the end of 2023. Disruptions to trade activity, due to attacks against shipping in the Red Sea, has introduced new uncertainty around the path of inflation this year. That said, with policy rates at restrictive levels, growth weak (or expected to slow in the case of the US) and significant progress in bringing inflation close to central bank targets, rate cuts by the major advanced economy central banks are expected in 2024 (ex. Japan). Growth in the United States has continued to outperform ... (full story)