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  "notes": "Contains two charts: Figure 1.17 (Inflation) and Figure 1.18 (Global PMI).",
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      "text": "Markets are already anticipating interest rate cuts in key economies in the first half of this year.",
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      "text": "Figure 1.18 Global Purchasing Managers' Index (PMI)",
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      "text": "Markets are already anticipating interest rate cuts in key economies in the first half of this year. However, there are several inflationary pressures that may stymie expectations and present a less-smooth path to inflation targets.",
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      "text": "Source: S&P Global, 2023.",
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      "text": "Source: IMF, 2023; Trading Economics, 2023.",
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