The world economy’s inflation problem is easing

After threeS&P chaotic years, investors have several reasons to be cheerful about the world economy. In America inflation is tumbling, raising hopes of a “soft landing”, in which price growth comes under control without a . Fortune has smiled on Europe, where a mostly warm winter has caused energy prices to plummet. And , freed from Xi Jinping’s destructive “zero-covid” policy, is poised to rebound. Markets are joyous. The 500 index of American stocks has risen by 5% since the start of the year. Share prices in Europe and emerging markets are up by even more.