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Jerome Powell 

Jerome Powell 

Photographer: Eric Lee/Bloomberg

Central bankers fear a high inflation regime is settling in. Xi says Covid Zero is here to stay. Hong Kong’s billionaire factory is broken. Here’s what you need to know today.

Risks are mounting that the world is shifting to a regime of higher inflation, forcing central bankers to tear up their playbook of the last 20 years. That was a key message from Federal Reserve Chair Jerome Powell and his European counterparts on Wednesday as they debated how to tackle persistent price pressures and slower growth. Powell, however, vowed that rapid price increases won’t become entrenched.