We are approaching the point of peak hand-wringing over inflation and peak scrutiny of central bankers. This can only go badly for financial markets.
US inflation data released this week gave the strong impression that policymakers have been caught napping. The annual inflation rate exceeded economists’ expectations and struck yet another 40-year high at 7.5 per cent in January, up from 7 per cent in the previous month.
Traders have been repeatedly smacked in the face by surprisingly high inflation readings for a year. You would think they might be getting used to it by now. Apparently not, judging from the market reaction.
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