Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 34 n° 316

How inflation humbled America’s central bank

Posted by fidest press agency su martedì, 26 aprile 2022

Central banks are supposed to inspire confidence in the economy by keeping inflation low and stable. Yet America’s Federal Reserve has suffered a hair-raising loss of control. Consumer prices in March were 8.5% higher than a year before, and nearly a fifth of Americans say inflation is the country’s most important problem. It is also a global worry, as Vladimir Putin’s invasion of Ukraine has led to soaring food and energy prices. But Uncle Sam has been on a unique path, thanks to President Joe Biden’s excessive stimulus. As the White House hit the fiscal accelerator, the Fed should have applied the monetary brakes. Because it did not, it is now struggling to clear up a monumental mess. Its blunders partly reflect an insidious shift among central bankers worldwide. Many are dissatisfied with the staid work of managing the business cycle and wish to take on more glamorous tasks, from fighting climate change to minting digital currencies. Their loss of focus puts their hard-won credibility at risk. Zanny Minton Beddoes Editor-in-chief The Economist

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