More from Schembri

This hocus-pocus is going to be the undoing of central banks.

The idea that's infected the central banking field is that they can easily combat high inflation by raising rates if needed. Here's the problem: history has shown that isn't true. They've always had the tool to combat high inflation -- rate hikes. Yet we've had inflation many times in the past. Why? Because it's painful to raise rates and it's politically messy. Somehow they think they're going to be able to flirt with 3% inflation to balance an undershoot and then suddenly pull the punch bowl as it creeps higher.

Good luck with that in this political climate.