This is not meant to be either a comprehensive or a definitive list. Instead, it is an attempt to advance some hypotheses that might help to explain the recent dynamism of the American economy compared with some of its major trading partners – in particular its link to technological change – and to see to what extent the evidence supports them.
While year-to-date average inflation stands at 4.5 percent, above the target range of 2 to 4 percent, the latest outturn is in line with the BSP’s assessment that inflation will return to within the target range before year-end, then decline towards the midpoint over the next two years.