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Although there has been some improvement in economic indicators across the global economy, the uncertainty surrounding the speed of future monetary policy changes by major central banks could keep global economic growth contained, at least in the near term. This is especially true as the Federal Reserve continues to normalize interest rates and the ECB grapples with its own monetary policy decisions in the face of increasing inflation. There also is uncertainty regarding the outlook for fiscal policy, especially in the United States, but many investors seem to expect that U.S. fiscal policy will become more expansionary over the next few years. Whether it actually will has yet to be determined.

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