The risks are clearly that inflation will accelerate further because of energy.
There needs to be continued and significant further revaluation of the yuan.
Once skittish businesses are turning into confident businesses that are willing and able to hire. I think the job market will improve further in the course of the coming year.
Housing has peaked. And all indications are that sales will weaken further in the months ahead.
The housing market is fading fast and the prospect is it will weaken further as rates move higher.