Following the banking sector turmoil in the previous month, April was relatively quieter –though not uneventful. First Republic Bank was sold to JPMorgan under the guidance of US authorities, becoming the third US bank to fail. Nonetheless, economic data has generally been resilient and inflation continues to recede (albeit unevenly). While US economic growth slowed during the first quarter, it remained positive at 1.6% year-on-year in real terms. In nominal terms (before removing inflation), growth was still 7% year-on-year. Importantly, consumer spending, which accounts for more than two-thirds of economic activity, grew at a steady rate.