RIYADH/WASHINGTON: Central bankers from the United States, Japan and the euro zone meeting in the desert kingdom of Saudi Arabia this weekend had their own shifting sands to cross – those of elusive inflation.
Lagarde was due to meet Powell later on Sunday, having had a brief exchange with Kuroda the previous day. Mindful of such dangers, the Fed is in the midst of its framework review that focuses on how it should pursue 2per cent inflation using tools such as forward guidance. Older populations tend to consume less while new technologies foster greater efficiency at a lower cost. Together they can be powerful forces leaning against inflation.
Many BOJ officials, too, are wary of doing another framework review and doubt any tweak to the inflation target will help people believe more strongly that prices will rise. And yet the rising cost of prolonged low interest rates, from soaring property prices to vanishing returns for pension funds, means central banks cannot just stand by hoping inflation will perk up some day.
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