The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
In the past two weeks, a much brighter light has been shone on how and why the world’s most influential central banks are scrambling to regain control of the inflation narrative and contain further damage to their policy credibility.
The key message coming out of recent meetings of central bank policymakers is that inflation is higher and more persistent than expected — and the risks to their projections are tilted to an ever greater rate of price rises.
It is a major shift for the US Federal Reserve and the European Central Bank which, unlike the Bank of England, maintained a call that inflation was “transitory” for far too long.
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