The great wave is coming for central banks

Central banks have accrued enormous power and it’s incumbent upon them to communicate a policy approach beyond cute anecdotes. — Bloomberg

THE several decades through the start of the pandemic had their share of hairy moments, but they have retrospectively acquired a reputation for tranquility.

The era largely characterised by contained inflation and relatively small swings in growth – interrupted by the subprime meltdown – has given way to a period of discomfort.