5. High and rising US rates may quickly become drivers of EM crises: such conditions may lead to higher borrowing costs in EMs, along with capital outflows and an unwillingness by the financial sector to take risks.
6. Consumer and producer prices are still either muted or in deflationary territory in China – but last month marked something of an uptick for each.
Inflation (and deflation) won't rear its ugly head Surging oil production — along with slower global growth — has caused the price of petroleum to collapse from more than $100 a barrel last summer to barely $50 a barrel at the end of 2014. The effect has been to reverse an uptick in U.S. inflation earlier in the year.