The US central bank, the Federal Reserve, has recently made what is on the surface a small technical change to the way it decides monetary policy and seeks to control inflation. The change may be neither as small nor, in the long run, as beneficial as it appears at first glance.
One question that has been asked ever since economies were thrown into steep decline at the start of national lockdowns was how quickly they would start to recover when the lockdowns were eased. With most countries re-opening large parts of their service sectors in recent weeks, we will soon have a chance to start finding out. And we believe that the world might be pleasantly surprised.