Put another way, without clear communication of  2  BIS central bankers’ speeches  objectives, the public can only guess at the intentions of the FOMC, and inflationary expectations and inflation itself will inevitably end up fluctuating – and perhaps by a lot. It is possible to undo these shifts in expectations, but doing so entails significant economic cost.
Their efforts and collaboration are saving lives and livelihoods and are underpinning the global economic recovery. This is international cooperation at its very best. Tragically, there hasn’t been nearly as much success in ensuring the equitable global distribution of vaccines, especially to developing countries.