THE latest inflation data for the United States which was released last week truly surprised everyone. Year-on-year inflation as of June rose tremendously, by 9.1 percent. That high inflation in the biggest economy in the world is certainly worrisome. The effects can be very wide.

Even though the market sees it as late action, the Federal Reserve did not sit idly when they saw the signs of bubbling inflation. Since the first quarter of 2022, the