, Columnist
Jerome Powell Just Missed the Sour Spot
If demography is destiny, we are entering an era when inflation will rise whatever central banks do.
An ageing society will be inflationary. Photo: Michael Nguyen/NurPhoto/Getty Images
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Jerome Powell this week used his last ever press conference as chair of the Federal Open Market Committee, and effectively the single most powerful figure in the global economy, to ram home just how successful independent central banks have been: