A mixed picture keeps central banks in focus

Looking back at the first quarter from an economic perspective, the picture is very mixed. In China, slowdown concerns continue to dominate. In Japan, data have been lacklustre and there is a risk of a new contraction. In the Eurozone, activity and sales data have been quite good and despite some softer survey data, our nowcasting model is in line with a quarterly growth rate of 0.5%. A similar method used by the Federal Reserve of Atlanta points towards first quarter annualised growth of 1.4%
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