Since 2007, the world’s central banks have flooded the financial system with trillions of dollars in liquidity to combat weaker-than-expected growth and to avert deflation. Repeated stimulus has allayed some observers’ fears, particularly through boosted market prices. But has the Fed started to succeed in its aforementioned goals, or are we already in the midst of a global recession?

ECRI’s latest report clearly outlines whether leading indicators are seeing a global recession, or gathering strength. The report also reveals paradoxical international inflation pressures that will almost certainly challenge policymakers in the months to come.