US and European policy-makers feel ‘vindicated’ over aggressive hikes
In the US, many analysts are still clinging to the idea inflation is transitory, said James Bullard, president of the Federal Reserve Bank of St Louis, said at an event on October 15. He called a recent consumer price index inflation report, which ran hot, “vindication” of the Fed’s aggressive policy.
At the same event, Jacob Frenkel, former governor of the Bank of Israel, said inflation was hidden during the pandemic in rising housing and asset prices. It did not show up in the CPI until later
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