The promise of China’s post-pandemic recovery has given way to concerns over the trajectory of China’s economic growth. In the meantime, in the U.S. and Europe, easing inflation and resilient labor markets have created room for a softer landing despite tightening monetary policy. Two years from the start of the Russia-Ukraine war, geopolitical fractures have not mended, and are now further complicated by conflict in the Middle East. Global markets continue to seek visibility into what the post-pandemic normal will look like.