Managing inflation is ‘number one priority’ for central bankers: Citi Europe CEO
Citi’s Europe, Middle East and Africa CEO David Livingstone assesses bankers’ key concerns, the Russia-Ukraine war’s impact on world economies and the impact changing demographics in Middle Eastern nations could have on business.
The U.S. economy is facing the worst inflation spike in a generation, but former Federal Reserve Chairman Ben Bernanke said Monday the price spike is not "anywhere near" what Americans experienced in the 1970s.
"There are some – and I say this in a very limited way – similarities like the effects of energy shocks, for example," Bernanke said during a discussion at the Brookings Institution. "Broadly speaking this episode and the 1970s episode are really quite different."
BEN BERNANKE ASSESSES THE FED, POWELL AND INFLATION
Inflation is near a four-decade high, with the price of everyday goods including cars, rent, food, gasoline and health care soaring over the past year. But as unwelcome as the rising prices are for Americans, inflation today is still a long haul away from that of the 1970s.