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The War on Inflation

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Add to Bookmarks Mar 3, 2022 With prices already increasing at the fastest rate in a generation in the United States, Europe, and other advanced economies, more expensive oil and gas will further complicate the task facing central bankers. Monetary policymakers may soon have to make an unpalatable choice between choking off the economic recovery and de-anchoring inflation expectations. In this Big Picture, Mohamed A. El-Erian of Queens’ College at the University of Cambridge says the US Federal Reserve’s recent series of inflation mistakes means that its next

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With prices already increasing at the fastest rate in a generation in the United States, Europe, and other advanced economies, more expensive oil and gas will further complicate the task facing central bankers. Monetary policymakers may soon have to make an unpalatable choice between choking off the economic recovery and de-anchoring inflation expectations.

In this Big Picture, Mohamed A. El-Erian of Queens’ College at the University of Cambridge says the US Federal Reserve’s recent series of inflation mistakes means that its next policy decision also will likely be suboptimal. And Columbia University’s Willem H. Buiter thinks that, with price growth surging, insufficiently aggressive interest-rate hikes could jeopardize the Fed’s credibility.

Nobel laureate economist

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