My GDP-weighted big 8 PMI slipped a little further in April. It's composed of extreme-adjusted PMIs for the USA, China, Euro zone, India, Russia, Brazil and the UK, weighted by their percentage of world GDP. The post-covid rebound, fuelled by fiscal stimulus and zero interest rates, is starting to fade. As world central banks raise interest rates, this process will continue. Current global inflation rates will likely cause CBs to over-correct, causing a recession instead of just a slowdown.
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