- There has been a somewhat more positive (or at least less negative) tone in the recent spate of economic data, and there is further evidence that the banking sector is working through its troubles.

- The recent decisions by a number of G20 central banks have followed the Fed's lead as rates have trended lower and in some cases quantitative easing measures have fallen into place.

- But with so much stimulus in the global pipeline, the next hurdle is to come up with a good exit strategy. The concern about inflation down the road is not without merit. Ultimately, we do not think that runaway inflation is in the cards, however.

- The publication also includes quarterly interest rate and exchange rate forecasts for the U.S., Canada, Australia, and New Zealand, and also offers additional exchange rate forecasts for the Japanese yen, the euro, the U.pound, and the Swiss franc.

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