It’s starting

The economy’s impressive resilience so far across the Atlantic has been a key ingredient in the central banks’ willingness to toughen up their stance to fight the inflation spike. If the usual “self-stabilizing forces” – e.g., a deceleration in consumption brought about by rising prices – do not show up, then the Federal Reserve (Fed) and the European Central Bank (ECB) feel even more the need to bring forward their rate hikes.