J.P._摩根-全球宏观数据观察-2018.8.3.pdf

J.P._摩根-全球宏观数据观察-2018.8.3.pdf

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Economic Research August 3, 2018 Global Data Watch  BoJ’s low-for-long strategy is unlikely to deliver 2% inflation Contents  Top-down growth indicators solid, but still dependent on US US home sales: dow n but not out 15  China’s policy response is building as it prepares for long trade conflict Euro area: Wage grow th is making  Next week: Soft China exports; US core CPI stays firm (2.3%oya) another big mov e 17 Brex it: Prepare for the political ring of fire 19 Sisyphus rising Global Economic Outlook Summary 4 The BoJ delivered to our expectations at this week’s policy meeting, lowering Global Central Bank Watch 6 its inflation forecast (to 1.5% for FY2019), widening the tolerance band Now cast of global grow th 7 around its JGB yield target to 20bp, and delivering forward guidance that the

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