Despite broad warnings about the economic risks posed by recent stress in the banking sector, global monetary policymakers are keeping their focus squarely on inflation and the need to continue raising interest rates to tame it.
, and from policymakers themselves who say they are monitoring the details of banking data and the mood of industry executives for signs of trouble.
A similar dilemma is emerging in Europe and the U.S., parts of the world that share a 2% inflation goal and a sense that the underlying pace of price increases has gotten stuck at a level much higher than that. An aggressive year of central bank rate hikes hasn't yet "broken" any of the economies involved, with the U.S. unemployment rate at 3.5%, near its lowest level since the late 1960s. Even if borrowing costs are set to move higher, the current tightening cycle is likely nearing its end as officials zero in on a level they feel is adequately restrictive to pull inflation into line.
Philip Lane, the ECB's normally cautious chief economist, even put multiple rate hikes on the table as core inflation ticked up to a record-high 5.7% last month. Overall inflation is almost 4 percentage points below its October peak.
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