Jay Powell struck a note of optimism this week when he explained why he felt able, at last, to slow the pace of rate rises. The removal of high inflation might only be in the “early stages”, the Federal Reserve chair said, but it was “gratifying” that price pressures in the US were noticeably starting to ease.
Christine Lagarde on Thursday was far gloomier, as the European Central Bank president set out the reasoning behind her rate-setters’ latest half percentage point increase. Even though headline inflation had begun to fall in the eurozone too, it was still “far too high”, and underlying price pressures remained “alive and kicking”.
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