Federal Reserve Chair Jerome Powell said there's “no guarantee'' the central bank can tame runaway inflation without hurting the job market.
ECB President Christine Lagarde echoed the “major impact" of energy shocks, which are rippling worldwide but felt acutely in Europe because of its
. She also pointed to Europe's proximity to the war in Ukraine and said how “energy was vastly underestimated" in the bank's assessment of inflation.that emerged just over a year ago. They believed that rising prices were the temporary result of supply chain snags as the economy bounced back with unexpected speed from 2020's brief but devastating coronavirus recession.But inflation kept accelerating.
Then, the Labor Department reported that consumer prices had shot up 8.6% in May from a year earlier — biggest jump since 1981. The Fed responded by
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