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Key Takeaways

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The degree to which monetary policy appears mismatched to economic conditions is best illustrated by the breakdown in the relationship between inflation and interest rates. Granted, an extraordinary policy response to the pandemic was merited, but the return of inflation has seemingly caught central banks out of position. With the path of the global economy still unsettled in the wake of an ongoing health crisis, officials cannot simply take measures to remedy this distorted relationship. Still, it bears watching over the next year how central banks can put policy on a that is path better suited to the current state of the global economy.