It has not been a great week for central bankers, which is already saying something. By standards of recent developments, so long as a seven-day period goes by without major banking news, for them it would be considered a good one. Adding to the now-typical woes over financial “turbulence”, first the Bank of England’s top Economist told the Western world to suck it up and accept being poorer before it was announced the Fed’s Chair had been pranked by Russians into admitting a US recession was a good bet.
Ironically, both were for the same general reason.
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