With supply chain bottlenecks easing, will central banks soon pivot towards an accommodative stance? Unfortunately not, says Dr. Thomas Hempell, Head of Macro & Market Research at Generali Insurance Asset Management. Labour markets are tight, especially in the US, and high energy costs in Europe may resume if winter turns cold and worries about gas shortages return. So while the worst inflation prints are likely behind us, there is still a long way to go until central banks can declare victory over the inflation beast.
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