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Fed meeting turns into a test of its inflation narrative

The US central bank should not take comfort from the bond market

©The Financial Times Limited 2020 Jun 14, 2021 / 01:38 PM IST
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Fed meeting turns into a test of its inflation narrative

US Federal Reserve chief Jerome Powell

Mohamed El-Erian The US Federal Reserve monetary policy meeting this week has turned from a snooze fest into a test of the institution’s control of the narrative it sought to promote in markets: that the current spike in inflation in transitory. How the Fed responds has implications not only for its policy credibility but also for President Joe Biden’s economic reforms and global financial stability. Developments on the ground have pinned the Fed into a corner of its own making as a...

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