The writer is a former governor of the Reserve Bank of India
An inflation rate in the US of 5 per cent in the 12 months to May, well above the Federal Reserve’s target rate of 2 per cent, has fuelled speculation that the central bank might soon start scaling back its pandemic-driven monetary support.
Eight years ago, when then chair Ben Bernanke openly mused that the Fed might start “tapering” its quantitative easing programme, global markets went into a tailspin. Yields spiked, risky assets tumbled and emerging economy currencies crashed. Are we now heading for “Taper tantrum 2.0”?
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