Sky's iankingsky says that if the Bank of England was reluctant to be the first major economy to raise interest rates, Fed chair Jay Powell has handed UK policymakers an open goal
Tuesday evening, though, brought a sign that at least one key policymaker is beginning to look on inflation as more ingrained.Image:The world's most important central banker insisted he still expected inflation to fall next year as supply and demand imbalances created by the pandemic and its aftermath continue to unwind.
That would mean QE would end in June next year - the end of QE being a prerequisite for the Fed beginning to raise US interest rates from their current near-zero level. However, as the MPC has not raised interest rates in December once in the 24 years since it was created, most economists expect it to wait now until January or even February.
Yet inflation across the eurozone's 19 member states currently sits at 4.9%, the highest on record and more than twice the ECB's target rate of 2%. Jay Mawji, managing director of the global brokerage IX Prime, added:"Few would quibble with Christine Lagarde's assessment that eurozone inflation will fade of its own accord next year.
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