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What next for central banks?

Even as central banks are currently struggling to contain inflation and manage currency, they would need to prepare for a prolonged period of uncertainty

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Central bank | BS Opinion | Federal Reserve

Rajesh Kumar 



Rajesh Kumar

Central banks across the world have had to adjust at an extraordinary pace since the beginning of 2020 and the process is likely to continue for some time. The speed and scope of change can be gauged through policy shifts made by the most consequential on the planet, the US . In early 2020, things looked perfectly in control as the US economy was witnessing a record 11th year of expansion and unemployment was at the lowest level in decades. In his press interaction in January 2020, though Fed Chair Jerome Powell did refer to uncertainties related to the coronavirus, perhaps no one expected the world’s largest economy to slip into one of the deepest recessions virtually in a matter of days. It was later declared that the recession started in February 2020.

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First Published: Wed, September 28 2022. 22:25 IST

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