OUTLOOK: JPM says world expansion "is progressing in a fashion that has calmed nerves since the start of the year" and that and low infl are why CBs are standing back.

OUTLOOK: JPM says world expansion "is progressing in a fashion

that has calmed nerves since the start of the year" and that and

low infl are why CBs are standing back. JPM ests inflation will

settle near 2.5% past mid-yr. So they "envision a period of

relative stability in global monetary policy." One exception -

"If the BoJ is serious about its inflation goal, it will have to

do much more."