For markets, 2022 will be the year of playing chicken.
Inflation has raced higher in the past year, well beyond most central banks’ tolerance levels. So the time has come for policymakers to start withdrawing the stimulus that pushed asset prices up after the pandemic first hit, nearly two years ago.
Some central banks have already started removing the support they pumped into the financial system. Among them is the Bank of England which, in December, surprised investors with its first interest rate rise in three years.
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