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As the world’s central bankers gather this week at the Federal Reserve’s annual mountain retreat in Wyoming’s Grand Tetons, soaring prices pose the biggest test of their abilities since they began setting low inflation targets in the 1990s.
The past year has been humbling for the Fed and many other central banks, the latest troupe of technocratic experts to risk a loss of public confidence. After initially playing down a 2021 surge in prices as transitory, following the economy’s reopening from pandemic shutdowns, policy makers have made a U-turn and are now raising interest rates at the fastest clip in decades to tamp down inflation.
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Image and article originally from www.wsj.com. Read the original article here.