Highlights:

• The global economy is maintaining momentum and inflation is gradually moving higher in line with central bank targets.

• Growth in US average hourly earnings is still not showing conclusive evidence of a sustained pickup in wages.

• The threat of a trade war between the US and China is creating significant uncertainty for markets.

• Euro area inflation was 1.4% in March, up from 1.1% in February but still well below the ECB’s target.

• The Australian economy continues to improve, but the RBA is wary of the impact of interest rate rises on the household sector.

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