Barometer: Slim pickings outside emerging markets

As spring blooms in the northern hemisphere, the green shoots of economic recovery appear to be emerging. This after months of stubborn inflation and banking sector turmoil. Unfortunately, however, there aren’t yet enough of those green shoots to convince us to shift from the cautious stance we have maintained since the end of last year. Economic prospects are still highly uncertain, particularly in the developed world thanks in large part to sticky inflation.