The Global Macro Outlook:The long grinding cycle

Our long grinding cycle view has been refreshed and reiterated: two newheadwinds for EM economies, a drawn-out but manageable restructuring ofChinese corporate debt, and a slow and cautious Fed tightening cycle into early2019. The three reports are here:

    8 April 2016 Macq-ro insights: What’s next for EM economies?

    8 April 2016 China macro: Debt/equity swaps, lessons from the past

    6 April 2016 FOMC