{"id":6168,"date":"2026-05-12T11:15:53","date_gmt":"2026-05-12T03:15:53","guid":{"rendered":"https:\/\/www.bis.hk\/?p=6168"},"modified":"2026-05-12T11:15:53","modified_gmt":"2026-05-12T03:15:53","slug":"not-normal-but-welcome","status":"publish","type":"post","link":"https:\/\/www.bis.hk\/zh-cn\/not-normal-but-welcome\/","title":{"rendered":"Not normal, but welcome"},"content":{"rendered":"\n<p><img decoding=\"async\" style=\"width: 30px;\" src=\"https:\/\/www.bis.hk\/wp-content\/uploads\/2020\/11\/833px-PDF_file_icon.svg_.png\" alt=\"\"> Not normal, but welcome \u2013\u00a0<a href=\"https:\/\/www.bis.hk\/PDF\/2026-05-11_chart.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Download Chart of the week<\/a><\/p>\n\n\n\n<p><img decoding=\"async\" style=\"width: 30px;\" src=\"https:\/\/www.bis.hk\/wp-content\/uploads\/2020\/11\/833px-PDF_file_icon.svg_.png\" alt=\"\"> The Market Place \u2013\u00a0<a href=\"https:\/\/www.bis.hk\/PDF\/2026-05-11_marketplace.pdf\" data-type=\"link\" data-id=\"https:\/\/www.bis.hk\/PDF\/2026-02-09_marketplace.pdf\">Download Market Data<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Markets increasingly priced a \u201chigher-for-longer\u201d US interest-rate environment driven by energy inflation, tariffs, and geopolitical risk.<\/li>\n\n\n\n<li>UK markets remained sensitive to political instability, with investors increasingly focused on the risk of fiscal and policy uncertainty following Labour\u2019s electoral setbacks.<\/li>\n\n\n\n<li>The eurozone faced a difficult mix of slowing growth and persistent inflation, increasing expectations that the ECB would maintain a hawkish stance.<\/li>\n\n\n\n<li>China\u2019s trade resilience provided some support to global growth expectations, but investors remained cautious. Japan\u2019s macro challenges remained defending currency stability while avoiding excessive tightening that could weaken growth.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The defining global macro theme was the inflationary energy shock caused by geopolitical tensions, which delayed expected monetary easing across<br \/>\nmany major economies. <\/p>\n<p class=\"customLink\"><a class=\"\" href=\"https:\/\/www.bis.hk\/zh-cn\/not-normal-but-welcome\/\">\u66f4\u591a<\/a><\/p>\n","protected":false},"author":2,"featured_media":5118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-6168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-49"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/posts\/6168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/comments?post=6168"}],"version-history":[{"count":1,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/posts\/6168\/revisions"}],"predecessor-version":[{"id":6171,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/posts\/6168\/revisions\/6171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/media\/5118"}],"wp:attachment":[{"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/media?parent=6168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/categories?post=6168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/tags?post=6168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}