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📢 文末扫码进裙，免费领取双语精读版 Why inflation fell without a recession High interest rates, not the passage of time, have restored price stability The Economist inflation 29 August, 2024 | 740 words | ★★ ★ ★ ★ At their annual retreat in Jackson Hole, central bankers celebrated the fall of inflation. But do they deserve the credit? In the rich world, annual price rises in the median country are down from a peak of about 10% in early 2022 to below 3% today. Remarkably, this has been achieved without deep recessions . The Federal Reserve will probably soon join central banks in Europe in cutting interest rates, bond yields have fallen sharply since the summer and stockmarkets have shrugged off a growth scare that struck at the beginning of August. America’s economy was in fact bigger in the second quarter of 2024 than had been forecast before the covid-19 pandemic struck. Monetary tightening is supposed to slow growth, and in the 1980s it quelled
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