Insight - Blaming inflation on central banks?

Salvation, the authors said, may lie in fessing up and central bankers going about their business with a new and profound sense of humility. Critiques of monetary policy are proliferating everywhere.It’s a common feature of Federal Reserve (Fed) chair Jerome Powell’s congressional appearances: The Fed waited too long, the legislators seem to convey, but we’re glad you’re on the case now! Australia has launched the first external evaluation of its Reserve Bank in at least a generation. (File pic shows Powell at a Senate briefing)

THE secret is out. Central bankers aren’t deities, as much as we might have sometimes wished to attribute them with almost supernatural powers.

Post-mortems on the surge in inflation and how it got away will run for years.