Central Banking - The Most Synchronized and Rapid Monetary Policy Tightening in 50 Years?

The BIS is advocating for central banks to move fast and early with this idea of inflicting short-term pain in order to avoid more pain in the long term. Central banking, as it finds itself in many ways at a crossroads,. The situation coming out of pandemic surprised central banks globally. Initial forecasts that inflation was going to be transitory proved to be incorrect.