The world’s major central banks have shifted course in a matter of weeks, and according to analysis from LSEG Data & Analytics , the real danger for markets is not how far oil prices have climbed, but how long they stay elevated. The Federal Reserve, European Central Bank and Bank of Japan have all lifted policy rates as they grapple with stubborn inflation, resilient economies and renewed uncertainty linked to the Middle East. LSEG Data & Analytics notes that higher energy prices are an external supply shock that monetary policy cannot reverse. Rate setters cannot pump more oil or resolve geopolitical conflict, but they can try to stop rising energy and transport costs from seeping into wages, broader prices and inflation expectations.
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