Key points

• The Delta variant continues to spread, prompting a downgrade in our growth outlooks for Australia and China, where further lockdowns have been implemented.

• Inflation has run above central bank targets in the United States and United Kingdom as the newly reopened economies face a mismatch in supply and demand.

• As planned, the Reserve Bank of Australia (RBA) will begin tapering bond purchases in September in anticipation of a return to strong growth in 2022.

• We expect monthly job gains in the U.S. to average around 650,000 for the rest of 2021 and for the unemployment rate to fall toward the mid-4% range by year-end.

Read the full report here