https://zirk.us/@ChrisMayLA6/114544334842222341
Emeritus Prof Christopher May (@[email protected])
Inflation rose to 3.5% in April, seemingly vindicating the BoE's mood music on inflationary pressures. Perhaps we should revisit the BoE's target of 2% inflation while also asking how in an engineered slowdown inflation persists? The target is arbitrary & set by the Govt. (it could be changed & BoE could reduce rates) & much of the inflationary pressure stems from abroad, over which those the BoE targets with interest rate rises have no agency to effect. its just sado-monetarism! #inflation