Abbreviation glossary 1Q23 first quarter of 2023 IMF International Monetary Fund 1H23 first half of 2023 ISM Institute of Supply Management [Lhs] left hand scale (graph) JGB Japanese Government Bonds [Rhs] right hand scale (graph) JPY/¥ Yen a.r. annualised rate LatAm Latin America APP Asset Purchase Programme LBO Leveraged buy-out AUD Australian dollar LTRO Long Term Refinancing Operation BAML Bank of America Merrill Lynch MBS Mortgage-backed security BEA US Bureau of Economic Analysis mom month on month BIS Bank for International Settlements MPC Monetary Policy Committee bn billion MRO Main Refinancing Operation BLS Bureau of Labor Statistics n.s/a non-seasonally adjusted BoC Bank of Canada NBER National Bureau of Economic Research BoE Bank of England NPL non-performing loans BofA Bank of America NFIB National Federation of Independent Business BoJ Bank of Japan NOK Norwegian krone bp(s) basis point(s) OECD Organisation for Economic Cooperation and CAD Canadian dollar Development CANSIM Canadian Socio-Economic Information Management System OMT Outright Monetary Transactions CEE Central and Eastern Europe ONS Office for National Statistics CEEMEA Central and Eastern Europe/Middle East/Africa P/B price-to-book ratio CHF Swiss franc P/E price/earnings CPI Consumer price index PBoC People Bank of China DFR Deposit facility rate PCE personal consumption expenses DM Developed market PEG price/earnings to growth EBA European Banking Authority PEPP pandemic emergency purchase programme EC European Commission PMI Purchasing Manager Index ECB European Central Bank pp percentage point EM(s) Emerging market(s) PPI Producer price index EMU European Monetary Union PPP purchasing power parity EPS Earnings per share QE Quantitative easing ERP Equity risk premium QE3 Third quantitative easing ESM European Stability Mechanism QQE Quantitative and qualitative easing ETF Exchange-Traded fund qoq quarter on quarter EU European Union REER Real Effective Exchange Rate EUR/€ Euro RMB renminbi chinois (yuan) Fed US Federal Reserve RRR Required rate of return FFR Fed fund rate s/a seasonally adjusted FOMC Federal Open Market Committee SEK Swedish krona FTA Free Trade Agreement SMEs Small and medium size enterprises FRB Federal Reserve Bank SMP Securities Markets Programme FY Fiscal Year SWF Sovereign Wealth fund GBP/£ Pound Sterling TFP total factor productivity GDP Gross Domestic Product TLTRO Targeted Longer Term Refinancing Operation GFC Global Financial Crisis tn trillion HKD Hong Kong dollar UN United Nations HY High Yield USD/$ US dollar ICE InterContinental Exchange VAT value-added tax IG Investment Grade yoy year on year IIF Institute of International Finance ytd year to date INSEE French National Institute of Statistics and Economic WTO World Trade Organisation Studies 31