Role reversal?

摘要

A reprieve from the financial market volatility that rebounded around the world in June has focussed attention on the real economy and, for once, the encouraging news is actually coming out of Europe, while China continues to disappoint. Nevertheless, while the US Federal Reserve’s recent assurances that its withdrawal of monetary stimulus will be considered and gradual may have calmed financial markets for now, it will move sooner or later to tighten policy, meaning an uncertain time ahead for most countries and markets, including commodities.