Goldman Sachs data show global financial conditions tightened sharply last autumn, began easing in May and have since moved into relaxation—implying markets may be delivering monetary accommodation independently of central banks. Inflation is diverging: the US remains well above target while China faces disinflationary pressure. Commerzbank projects 2026 inflation at >3% (US) vs 0.4% (China). #GoldmanSachs #inflation #Commerzbank #FiatNews