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How central banks got the inflation crisis wrong

The Big View

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Why Is Christine Lagarde So Vociferous?

Lagarde is constantly speaking, as if Lagarde is on a political campaign trail. She's making comments when we've had no data out at all and there's no shift in policy decisions. The result is that the markets have just stopped paying any attention. It's the central bank who cried wolf. This constant, we're going to raise rates, believe me,. And she's saying that day after day after day," he says. "The market's, oh, we don't care. We're not listening to this again"

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