Not a time to change course
Inflation in the advanced economies, especially in the US and the euro area, continues to fall but remains well above of the policy objectives of most central banks. Monetary policy currently has no leeway to cut interest rates in the foreseeable future to bring inflation back to the targets within a reasonable timeframe. The global economy can digest high or even higher rates, as many sentiment indicators have turned again to the upside making a severe economic downturn less likely.
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