Was the Mid-March Wobble in Economic Momentum the Trigger?

Was the Mid-March Wobble in Economic Momentum the Trigger?

 

Major Central Banks’ weekly balance sheet data evidence a clear acceleration in aggregate liquidity growth in the past two weeks: now at 34% compared to a year-to-date average of circa 20% ( 3m ann.). The G4 (exc. China) equivalent is even higher at 39%, driven by the Fed, ECB and Bank of Japan. The Fed is leading the way at 76%, paced by the ECB at 59%. And early-April data from the Bank of Japan confirms a looser stance rather than an isolated year-end boost. Generally, global economies (as measured by CrossBorder’s economic momentum indicator) have regained composure following a mid-March dip and look on track to deliver good growth, but Central Bankers are taking no chances.