Brace for a 'wrathful Old-Testament-style' central bank reaction to sticky inflation that could cause a deep US recession, says JPMorgan
Brace for more forceful policy action from developed-market central banks to stamp out inflation, according to JPMorgan.
However, such a"gentle and forgiving path will prove unsuccessful" as economic resilience and supply chain disruptions caused by COVID-19 keep inflation stubbornly high, Bruce Kasman, Joseph Lupton and Michael Hanson said. JPMorgan economists described the less aggressive rate policy as"embodying a New Testament-style grace toward the world's inflation sins," that have"been a correction from inappropriately accommodative stances rather than an attempt to smite out the expansion."
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