Grit in central banking In the central bank, grit is always required. Grit is what brings about constancy, continuity, credibility and stability to the financial system. Perseverance is needed to face macroeconomic challenges on both global and domestic fronts.
Right now, it is necessary as we face the growing uncertainty of economic policies as more central banks in major advanced economies prepare to enter a tightening cycle. The US Federal Reserve (US Fed) hiked the federal funds rate in June (the second time this year) and there is an expected further rise in US interest rates.