In search of the less grim version of monetary hell

Tough stance: A man stands in front of an electronic board showing stock information at a brokerage house in Beijing. The country’s zero-Covid approach means the economy may not grow at all this quarter. — Reuters

POLICY makers are fighting the devil in front of them rather than the goblin lurking around the corner.

After years of wishing for and trying to conjure faster inflation, the overwhelming focus now is on slowing things down. A global slump seems increasingly possible – if such a downturn isn’t here already.