A quick update of an important chart I've been featuring for years. Swap spreads are very important current and leading indicators of financial market health and the outlook for the economy. The fact that swap spreads in both the Eurozone and the U.S. remain relatively low and stable suggests that economic and financial market fundamentals are healthy, and thus we should expect growth rather than stagnation or recession. The Eurozone is not as healthy as the U.S., as many economies in Europe are in a mild recession, but things there are not deteriorating and ought to be slowly improving over the course of this year.
A short primer on swap spreads can be found here.