The outlook for central banks is shifting again, Columbia Threadneedle Investments' Anthony Willis says in a note. Earlier this year, markets feared policymakers would be forced into more aggressive rate hikes as oil prices spiked following the U.S.-Iran conflict, the senior economist says. "Those fears have eased as oil has moved back towards $70 a barrel, reducing near-term pressure from energy markets," he says. So far, the inflation impulse does not point to a broad-based second wave, he says. "While energy has lifted headline measures, there is limited evidence that it is feeding decisively into wider price-setting behavior." That matters for investors, Willis says. (emese.bartha@wsj.com)