Global monetary growth has been its fastest for decades over recent months, but we continue to believe inflation risks are lower than many think. A modest inflation overshoot in the coming years is possible but would not be very damaging.
While headline money growth figures still look strong, heavy precautionary borrowing by firms in March-April is already starting to unwind in the US and UK. About 80% of the rise in borrowing by large UK firms has been repaid.
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