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The global economy has perked up over the last six months, with economic growth in Europe and China in particular surprising investors with their relative strength. This has helped drive stock prices higher, but the OECD warned market participants Tuesday that the good news may not last.

Expand chart
Data: OECD, Consensus Economics, Thomson Reuters; Chart: Andrew Witherspoon / Axios

Though growth forecasts are up slightly in the U.S. and Europe, they've actually fallen in Japan. Meanwhile, investors in the U.S. are facing the prospect of much higher interest rates, which will put a damper on stock prices. "In financial markets, there are apparent disconnects between the positive assessment of economic prospects reflected in market valuations and forecasts for the real economy," the OECD said

Why it matters: The OECD says the stock market has gotten ahead of itself of late. They're not predicting a crash, but absent better hard data, we should expect the rally to fade.

Go deeper

Biden says $1,400 stimulus payments can start going out this month

Photo: Samuel Corum/Getty Images

President Biden said Saturday that the Senate passage of his $1.9 trillion COVID relief package means the $1,400 direct payments for most Americans can begin going out later this month.

Driving the news: The Senate voted 50-49 Saturday to approve the sweeping legislation. The House is expected to pass the Senate's version of the bill next week before it heads to Biden's desk for his signature.

7 hours ago - Health

COVID-19 drives smell loss awareness, research

A health worker carries out an olfactory test outside Buenos Aires. Photo: Alejandro Pagni/AFP via Getty Images

The pandemic has thrust a relatively unknown ailment, anosmia — or smell loss — into the international spotlight.

Why it matters: Researchers hope smell testing becomes as standard as the annual flu shot, helping to detect early signs of neurodegenerative diseases like Alzheimer’s and Parkinson’s.