Labour market experiencing very strong growth, with the labour force expanding by 44,000 in the first three months of the year

The shifts in the Bank of England’s macro forecasts have been quite dramatic over the past six months

Rates expected to decline to about 2.5%, far above their previous zero or negative levels

Unemployment is also projected to remain very low at 4.5% over the next three years, and inflation is seen falling back to around 2%

US economy could be most at risk of a downturn, given the stresses in the banking system have been most evident there, and concerns are also greatest about a tightening in credit conditions

There was a welcome sharp fall in the headline rate of inflation in the eurozone for March as the sharp jump in energy prices following the Russian invasion of Ukraine early last year started to drop out of the annual calculations.

The stresses that have emerged in parts of the global banking system recently could have a bigger impact on the US economy than elsewhere

The stresses that have emerged in parts of the global banking system, and the associated volatility this has generated on financial markets are now weighing on central banks' monetary policy decisions.

Concerns remain about the severe shortage of housing becoming a constraint on economic growth

A tight labour market putting upward pressure on wages along with weak supply output in areas such as housing could make restoring price stability a tough challenge for central banks