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.

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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.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 21,280,608 — Total deaths: 767,422— Total recoveries: 13,290,879Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 5,335,398 — Total deaths: 168,903 — Total recoveries: 1,796,326 — Total tests: 65,676,624Map.
  3. Health: The coronavirus-connected heart ailment that could lead to sudden death in athletes — Patients grow more open with their health data during pandemic.
  4. States: New York to reopen gyms, bowling alleys, museums.
  5. Podcasts: The rise of learning podsSpecial ed under pressure — Not enough laptops — The loss of learning.