I also welcome the fact that policy discussion is now scrutinising seriously the wisdom of increased top-down prefunding requirements for CCP resolution. It is doubtful that such requirements would be effective or proportionate, given the very low probability of CCP resolution and the marked differences between CCPs’ risk profiles.
Many of the underlying causes of excessive inflation are the same as they have been over the past year or so—supply chain issues, including those related to China’s  -2COVID containment policies, constrained housing supply, the ongoing conflict in Ukraine, fiscal stimulus, and limitations on domestic energy production.