IMF says independent central banks have ‘muzzled’ the inflation threat

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Inflation in advanced economies is now firmly anchored, but risks becoming untethered if central bank independence is not protected, the International Monetary Fund (IMF) has warned.

In its latest World Economic Outlook report, the IMF finds evidence that the Phillips curve – representing the trade-off between unemployment and inflation – has flattened in recent years, coinciding with the times when many advanced economy central banks gained operational independence.

The IMF said the

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