The latest data releases point towards a deterioration of the macroeconomic environment over the course of the last few weeks across the world's major geographies. In the back drop of an energy crisis, high inflation and interest rate hikes, it is important to check whether the impact will be intense and protracted before making any investment decision. In this economic update, we reflect on the potential timing of the economic rebound, and offer our thoughts on whether central banks might announce changes in monetary policy, given both events are closely linked to possible market movements.