Financial TimesFinancial Times

The key to 2022 will be how inflation is brought down

By Mohamed El-Erian

04 Jan 2022 · 3 min read

The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy

Markets spent most of 2021 trading on assurances from major central banks, and the US Federal Reserve in particular, that inflation would be transitory and monetary policy would continue to remain in uber stimulus mode. That powerful conditioning fuelled the “everything rally” in markets. 2022 will be different.

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