Financial markets have remained relatively calm in recent days despite potentially disruptive US trade policy shifts and incoming data indicating that inflationary pressures have been lingering. Investor sentiment suggests a wait-and-see approach, with markets appearing confident that central banks can navigate inflation risks without triggering sharp economic slowdowns. In our charts this week we home in on:·       Uncertainty and markets

·       US inflation and tariffs

·       Wage pressures in the US and Europe

·       Global growth at the end of last year

·       Electricity prices in major economies

·       Japan’s economic momentum