Monetary Policy
Fed: expect 4 rate hikes in 2018, more than FOMC guidance and than market pricing (3 hikes).
ECB: slow exit to continue. No new measures until mid-year; QE to end in 2018, first hike in mid-2019.
BoJ: not under pressure to act; no change expected in target short rate or yield curve control policy.
BoE: no policy change through 2018; risk is earlier tightening, with May hike possible.
PBoC: policy tightening to curb financial risks, followed by some easing in H2-2018 if inflation allows.
EM: rate hikes especially in Asia, while LatAm central banks have space to ease policy.
EU Forecast
euf:ba1.8i:111/nws-01