As revealed in the August PMI surveys from several major economies, global economic activity contracted for the first time in more than two years, primarily as a result of a downturn in developed economies. However, though acknowledging recession risks, several major central banks retain a hawkish stance making clear that, as inflation remains significantly above target, they are unlikely to pivot away from their steady pace of tightening any time soon, aiming to keep inflation expectations well anchored and restore price stability.
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