The Bank for International Settlements has welcomed a growing sense among investors that central bankers mean what they say about continuing the fight against inflation.

Over the past few months, “the sanguine attitude of investors contrasted sharply with the cautious tone of policy-makers”, said Claudio Borio, head of the BIS monetary and economic department.

Borio told journalists a narrowing of the gap between central bank communications and market pricing “is welcome”.

The BIS quarterly