Headwinds and Heatwaves

Financial markets have remained generally buoyant in recent days, with global equity indices advancing on the back of relatively upbeat global growth data, benign European inflation readings and the prospect of further policy easing from major central banks. In our charts this week we focus on:

• The global policy rate consensus
• The dollar and data surprises
• Stagflation risks
• US port congestion
• Global warming
• Productivity losses from heat stress