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Central bankers speaking at the ECB Forum on Central Banking remain optimistic that the global economy will be back on track by the end of this year or early 2022. However, they also recognize that constraints in the global supply chains represents a threat to the current recovery. The heads of the four biggest central banks remain optimistic that rising inflation will be temporary.
“This inflationary spike will not lead to a new regime of ongoing higher inflation. The current inflation spike is really a consequence of supply constraints meeting very strong demand, and that is all associated with the reopening of the economy,” said Federal Reserve Chair Jerome Powell. “That is a process that has a beginning, a middle and an end. We see those things resolving. It’s difficult to say how big the effects will be or how long they will last, but we do believe that we will get through it.”
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