(Harvest) Reflation is going global as the second quarter of 2017 begins. Global growth expectations are on the rise—and we see room for more upside surprises. Our BlackRock GPS —which combines traditional economic indicators with big data signals such as Internet searches—points to a rise in G7 growth estimates in the months ahead. Other signs of global reflation include a rebound in inflation expectations from mid-2016 lows, a bottoming out in core inflation and wages, and a synchronized pick-up in economic activity indicators and corporate earnings estimates.

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