Highlights:
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The global economy lost some momentum in the March quarter, but fundamentals remain robust.
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US core inflation measures are rising, which is flowing through to longer-term expectations and pushing yields higher.
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The threat of a trade war between the US and China continues to be a source of significant uncertainty for markets.
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Australians will receive cuts to income tax as anticipated, while public infrastructure spending should help bring the economy closer to capacity.
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Inflation in the euro area remains sluggish, with core inflation falling sharply from 1.0% to 0.7% in April.
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