Diverging Paths, Converging Risks

Global financial markets have been navigating a more unsettled backdrop in recent weeks, with choppier risk sentiment and shifting rate expectations reshaping the macro narrative. US assets have been particularly sensitive to signs of cooling labour-market momentum, while rising real yields in Japan and renewed fiscal tightening in the UK have added further cross-currents. In our charts this week we home in on:   The global policy rate consensus The US labour market Euro area inflation  Real rates in Japan UK government debt  South Korea's semiconductor trade