Given the first half of the year is well and truly behind us, and with the summer round of the main central banks meetings completed, perhaps now is a good time to take stock of the current economic situation. In the US, despite some loss of momentum at the start of 2024, GDP accelerated in Q2. Meanwhile, the disinflationary trend, which had stalled in Q1, resumed in Q2, as evidenced by both core-CPI and core-PCE reaching their lowest levels since spring 2021. However, there have been some signs of softening in the labour market in recent months.