Former Reserve Bank of Australia governor Glenn Stevens says central banks will find it difficult to achieve a soft economic landing and reduce “way too high” inflation, while warning “turbulence” in financial markets could reignite.
In a rare public speech since leaving the RBA in 2016, Mr Stevens said interest rates could remain elevated – and central banks were willing to go higher – for some time.
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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