A Fiscal Anchor against Global Volatility
Monday, July 10, 2023
The surge in money supply is fueling inflation. Economic turmoil due to rising interest rates in developed economies is becoming more pronounced.
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UNFORTUNATELY, there is no other option in central banks’ arsenal for curbing sticky inflation other than interest rate hikes. As inflation in many developed countries is so sticky, it is almost certain that interest would go up again soon. The financial market is roiling in anticipation.
Last Thursday, for example, bond yields for two-year United States government bonds reached 5.02 percent, the highest since 2007. This is
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