OPINION: This year means rising inflation and rising interest rates which will also slow economic growth. Little wonder Treasurer Jim Chalmers told his department that Labor had inherited a “s... sandwich”.
It must be cold comfort to Philip Lowe that so many of his fellow central bankers are also being blamed for rising inflation following by rising interest rates followed by, gulp, the rising risk of recession.
“The events of the last few months around the world have made it more difficult for us to achieve what we want,” he said of the Fed’s goal of 2 per cent inflation with a strong labour market. “We’ve never said it was going to be easy or straightforward.” in the future ability of central banks around the world to navigate between the two threats of raging inflation and an economy going into reverse.Advertisement
Expert forecasts of all varieties – from energy prices to the economic and health effects of the pandemic to Russia’s war on Ukraine – have been proven spectacularly wrong over the last few years. There’s no reason to believe the shocks and rapidly revised expert rationales for unanticipated results are about to stop.
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