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Nouriel Roubini says a return to 2% inflation is ‘mission impossible’

The new normal may be somewhere between 3% and 4% for advanced economies over time, 

Roubini is known to many as “Dr. Doom” for his often bearish pronouncements. He rose to prominence with a particularly downbeat call in the years before the 2008 financial crisis, when he predicted a “nightmare hard-landing scenario” and rang the alarm for the collapse of the U.S. housing market. 

In a column published by MarketWatch in late June, Roubini said a short and shallow economic contraction over the next year has become much more likely. 

He also said that if central banks’ efforts to tame inflation trigger severe economic and financial instability, policy makers around the world may wimp out and decide to allow for above-target inflation, risking a de-anchoring of inflation expectations and a persistent wage-price spiral.

MarketWatch 19 Septembr 2023


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