This month we focus on the factors keeping global economic activity strong, why the outlook for emerging markets is bright except in India and the risks facing Europe and the UK.
Steady global growth and low inflation means we remain in a Goldilocks environment where activity is neither too hot nor too cold.
In this month's infographic we look at the pros and cons of low inflation and balance sheet reduction, the state of the UK economy and the outlook for global trade.
Although employment growth is positive, the Federal Reserve will likely remain on hold for 2017 while inflation remains weak and balance sheet reduction looms.
We assess the outlook for global trade, and conclude that a China-driven slowdown will be only partially offset by Europe. Tailwinds are becoming harder to find.