􀂾 Economic activity is slowing around the globe,particularly in Europe.
􀂾 Moderating commodity prices are easing the pressures on central banks.
􀂾 With economic weakness no longer centralized in the United States, the dollar has rallied. Long-run challenges for Western Europe should drive further depreciation of the euro.
􀂾 Weakening growth is becoming the major emerging market challenge, lessening the chances of rate hikes and the pace of currency appreciation.
􀂾 Central Bank policymakers will likely discuss global challenges to price and financial stability at this year’s Jackson Hole conference.