The inflation scare is over: The pandemic was a perfect storm ...Middle East

I believe that global central bankers are on the verge of making a growth-wrecking mistake. Generals always fight the last war and central bankers are going to continue to fight the ghost of inflation, even as it becomes increasingly clear that the inflationary threat is over and the bigger risk is recession. On Thursday, ECB chief economist Phillip Lane noted that firms are telling them that wage pressures are coming down. Their wage tracker also shows much slower wage growth in 2025 and 2026. There won't be any second-round effects.With the benefit of hindsight, it will soon be clear that the past-pandemic inflation was a one-off perfect storm caused by:Ultra-low rates, including irrespons

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