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Fed policy must adjust. Even if the price rises could be transitory, they risk becoming permanent

This is how the world is beginning to feel to someone whose life as an economist began in the 1970s: over-optimism on potential supply, until it was too late. 

Current policy would make sense in a depression. But we no longer risk a depression.

All the big central banks are still largely locked into policy settings introduced in March 2020, at the peak of the Covid-induced panic. In the US, this seems wildly inappropriate.

Martin Wolf FT 16 November 2021


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