The synchronisation of global activity indicators over the past few months is a welcome reprieve after the sequential concerns over Chinese, Japanese and European growth. Policy largesse over an extended period has finally raised the water level and floated nearly all boats. Pleaseingly, after 5 years of stagnation or decline, there has been a noticable acceleration in global nominal GDP as well. The flipside is that central bankers - and policymakers in general - have no place to hide. The excuse cupboard is bare. Short of an approaching meteor storm, there is no plausible justification for deferring the normalisation of policy any longer.
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