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Three macro themes to shape the world in 2015

Disinflationary growth, money policy divergence, EM differentiation to hold sway.

The US is expected to continue growing at a solid pace, on the back of stronger consumption and renewed housing acceleration, as lower energy prices provide a boost to real disposable incomes.

I SEE three main themes that will likely shape the global macro landscape in 2015: disinflationary growth, monetary policy divergence and growing emerging market (EM) differentiation.

The effects of a disinflationary shock from lower commodity prices seen in 2014 should lend support to