Better Late Than Never

After insisting that there would be some kind of immaculate deceleration in inflation, officials around the world are now offering long overdue mea culpas. US Treasury Secretary Yellen echoed past comments from Fed Chair Powell that American policymakers had misjudged the persistence of price pressures. The Bank of Canada for its part has been acknowledging for some time that it got things wrong with regards to inflation and is now playing catch-up.