Global growth has slowed and recent activity indicators are mixed
Energy prices have fallen back to mid-2021 levels
Tighter monetary policy is already affecting housing markets
Global trade indicators generally remain soft
Financial stress has so far remained contained
Bank credit is slowing and swiftly becoming more expensive
Monetary policy tightening has also been transmitted to corporate bond markets
Bank funding costs have risen sharply, and credit standards have tightened
Volatility in bond markets has increased sharply
Equity prices and bond yields have rebounded after sharp drops in many countries