| Time is running out for central banks to slam the brakes on inflation before people’s inflationary expectations set in and create a costly and self-perpetuating price spiral, US Federal Reserve chairman Jay Powell has warned.
Mr Powell told a European Central Bank conference in Portugal on Wednesday that while financial markets had understood the Fed’s determination to quash inflation, he was “racing against the clock” to keep business and household expectations from becoming unmoored.‘The clock is kind of running low’ to prevent consumers and businesses from dangerously ramping up their inflation expectations.
“Is there a risk we would go too far? Certainly there is a risk. But I wouldn’t agree that it’s the biggest risk to the economy. The bigger mistake to make, let’s put it that way, would be to fail to restore price stability,” he said.
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