Up, down, and somewhere in between

The decisions from several central banks this week have, on the whole, amplified hopes that the world economy remains on course for a soft landing. Investors were certainly reassured by the absence of big changes to the Fed's interest rate outlook as well as this week’s unexpected decision to cut interest rates by the Swiss National Bank. In our charts this week we examine:

·         US interest rate expectations

·         Japan’s interest rate differentials and the yen

·         Core inflation in several advanced economies

·         Emerging market growth surprises

·         China’s credit impulse

·         Equity market inflows in major economies