As price rises shred central bank targets, the world’s monetary guardians have a fight on their hands that recalls the battles of a generation ago.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-18 16:05:00Global inflation has resumed hostilities after an unprecedented, decades-long truce, and central bank credibility is not having a good war. Whether the globe’s monetary guardians counterattack successfully or not, the world has changed with profound implications for financial assets everywhere.
Former Federal Reserve Chair Alan Greenspan had only to muse on investors’ “irrational exuberance” to stop stock bulls from charging. When one-time European Central Bank President Jean-Claude Trichet proclaimed himself “extremely vigilant,” market players knew for sure rates would rise next month. And they acted accordingly.
It's possible that all three of these awful weights will be lifted in time, with, hopefully, beneficial effects on global prices. Not sparing his audience, he went on to say unequivocally that the era of low, stable prices is now “over.” When the political leader of perhaps the most open, trading economy on Earth says that, it matters.Countries and firms may well prioritize more secure local production and increased supply-chain resilience, even if these come with higher prices.
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