The world’s central bankers gathering in the Rocky Mountains this week find themselves more divided than perhaps any time since before the pandemic.
Central bankers gathering this week for one of the world’s most prominent annual economic forums are set to find themselves more divided than perhaps any time since before the pandemic.
Fed Chair Jerome Powell, who’s set to speak Friday at the Jackson Hole, Wyoming, symposium hosted by the Kansas City Fed, said last month that “forecasters have been continually surprised.” An extreme example of the uncertainties facing central bankers at this stage of the economic cycle emerged from New Zealand last week. The Reserve Bank shocked observers by cutting rates, after having signalled three months before that such a step wouldn’t happen until well into next year.
“I wish I had their certainty”: RBA governor Michele Bullock is yet to join some of her global peers in pulling the trigger on interest rate cuts.In Europe, central bankers are facing a dilemma, with recent price data showing a surprise uptick in euro-area inflation to 2.6 per cent alongside indications that the economy is doing worse than expected. Officials anticipate inflation to reach the 2 per cent target at the end of 2025, but they always stress a high level of uncertainty.
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