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Inflation Remains Risk Confronting Financial Markets

July 27, 2023

Tobias Adrian, Fabio Natalucci, Jason Wu

Central banks may keep interest rates higher for longer than currently priced; given investors’ benign inflation outlook and growing expectations for a soft landing, this could increase financial stability risks and weigh on growth

Europe’s Inflation Outlook Depends on How Corporate Profits Absorb Wage Gains

June 26, 2023

Niels-Jakob Hansen, Frederik Toscani, Jing Zhou

Higher prices so far mostly reflect increases in profits and import costs, but labor costs are picking up

Central Banks Can Fend Off Financial Turmoil and Still Fight Inflation

June 5, 2023

Tobias Adrian, Gita Gopinath, Pierre-Olivier Gourinchas

But there are trade-offs between price and financial stability during times of stress, especially when inflation is high

Europe’s Knife-Edge Path Toward Beating Inflation Without a Recession

April 28, 2023

Alfred Kammer

Success will require tighter macroeconomic policies tailored to changing financial conditions, strong financial supervision and regulation, and bold supply-side reforms

Wage-Price Spiral Risks Still Contained, Latest Data Suggests

February 24, 2023

Jorge Alvarez, Niels-Jakob Hansen

Wage gains remain broadly in line with past episodes, which didn’t tend to lead to sustained wage-price acceleration

How Fiscal Restraint Can Help Fight Inflation

November 21, 2022

Tobias Adrian, Vitor Gaspar

Fiscal policy can ease the task of monetary policy in reducing inflation while mitigating risks to financial stability

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