Writing a column for The Australian Financial Review, our investment strategist Stephen Miller argues that it is certainly true that central banks have made major policy missteps. This includes being late to recognise the persistence, magnitude and momentum in inflation (as well as the diversity of its underlying causes – e.g. structural shifts in the global labour market, de-globalisation, the “unintended consequences” of re-regulation, not to mention the consequences of historically high levels of monetary and fiscal stimulus) and the attendant errant calendar guidance on the policy rate.

Click here to read his article.