WASHINGTON - The International Monetary Fund's steering committee on Thursday urged global policymakers to monitor pricing dynamics closely, but to "look through" inflationary pressures that are transitory and will fade as economies normalize.
Inflation concerns, stoked by pent-up demand, supply chain bottlenecks, higher energy and commodity prices and weather events have been a hot debate topic at IMF and World Bank annual meetings this week, and contributed to the Fund trimming its global growth outlook on Tuesday. "The key question is to know whether this is a transitory inflation or not. Nobody has a response to that key question," French Finance Minister Bruno Le Maire told reporters on Thursday, adding that he's been discussing it this week with US Federal Reserve Chairman Jerome Powell, US Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde.
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