As we enter the back half of this year, it’s time to share our midyear outlook. We continue to live in extraordinary times as many developed economy central banks continue to focus their efforts on curtailing the worst inflation experienced in decades. This has helped exert downward pressure on inflation but has also brought about a meaningful slowdown in global growth and some financial accidents, including several US regional bank failures. However, against this backdrop, we see some resilience in many economies, especially in services.
