Even countries that raised rates in 2021 - well before the Fed started to move in 2022 - didn't manage to escape high inflation, Fed Vice Chair Brainard says.
The Federal Reserve has come under criticism for waiting until March 2022 to raise interest rates in response to the burst of inflation in the wake of the pandemic, but a top U.S. central banker noted Monday that even countries that hiked earlier did not avoid the global rise in prices.
“Even jurisdictions that began raising rates forcefully in 2021 have not stemmed the global inflationary tide,” said Fed Vice Chair Lael Brainard, in remarks released Monday. In her assessment, a “protracted series of adverse supply shocks” associated with the pandemic and Russia’s war against Ukraine contributed to high inflation seen around the globe.
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