International supply chains were stretched by a combination of ports suddenly closing at short notice due to virus outbreaks, workers being forced to stay at home and unusually high goods spending overwhelming suppliers. Once lockdowns ended and citizens gradually returned to normal spending habits, demand for essential items like energy came roaring back, colliding with strained supply. Judging these trends to be “transitory”, as the Federal Reserve, ECB and Bank of England did at the time, can be seen as justifiable. Staff would eventually…
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