The first half of 2011 has been a surprisingly steady, if lackluster, time economically, despite some dramatic global events, and a very high level of anxiety in the markets. To some degree the smoothness has been the result of offsetting events and forces, each of which on its own could have had a significant impact on the stability of the global economy. The period has seen continuing political unrest in the Middle East and North Africa, which has tended to put upward pressure on commodity prices, particularly oil, and the earthquake and tsunami in Japan, which has tended to dampen economic activity and reduce overall commodity prices. In addition, the sovereign debt challenges, particularly in the Euro zone and potentially in the United States, have added volatility globally as uncertainty over default, restructuring and intervention continues.