Sharemarket investors are belatedly waking up to the reality that central banks will need to inflict some pain to get inflation back to their targets.
Recent market pricing for interest rate cuts later next year never made much sense to experienced central bankers who have lived through inflation cycles.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
