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The central banks of the largest industrialized countries have had to tighten monetary policy.
The energy transition will require a historic change in consumption patterns.
The focus this month has again been on the macroeconomics that drive all global markets.
Gilles Moëc, chief economist at AXA IM, outlines the implications that rising inflation has had for such tightening policies, in turn prompting a transition from QE to QT.
It is possible that the end of the year will bring some good news with a gradually lower inflation in the United States and a positive impact of the various Chinese stimulus plans.
Central banks want to restore public confidence and regain their credibility after describing inflation as “transitory” last year and waiting too long to react to the surge in prices induced by fiscal and monetary policy responses to the pandemic
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