Rate hikes: too much, too late – and now too dangerous

Why monetary tightening risks a global credit crunch

US rising inflation

“Central banks are behind the curve” was a near-constant refrain for the past two or three years as inflation was unexpectedly persistent. Are they, once again, behind the curve?

The nightmare scenario in 2021 and 2022 was that central banks would lose control of inflation and trigger a bond market crisis. In an article in Central Banking Journal in April 2022, we argued that such a crisis might be imminent. Over the past couple of years, government yields did indeed rise fast enough to worry

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