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Get used to it: High-for-longer interest rates will be the new normal
It may also be time for central banks to relook their inflation targets.
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One has to wonder whether the Fed’s 30-year-old inflation target of 2 per cent is still relevant in today’s geopolitical context.
PHOTO: REUTERS
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US Federal Reserve boss Jerome Powell’s address to the Jackson Hole Economic Symposium last week
Unlike 2022, when markets plunged as he indicated that the Fed would take an increasingly hawkish stance
