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Daniel Moss

Who Runs This World? Look Beyond the Ballot

Trump, Brexit and other chaos seemingly hasn't perturbed markets. Perhaps because central bankers have quietly taken over.
The true seat of power.

The true seat of power.

Photographer: Thomas Lohnes/Getty Images

The year began with a bit of a bang, economically -- and perhaps even showed that the world's leaders aren't actually in charge.

German unemployment fell to a record low, and purchasing managers' reports from China and the euro region pointed to constraints emerging at factories. So … when do manufacturers start to raise prices? And do they do so enough to alter the inflation picture? Given that much of the buoyancy in markets is underpinned by low interest rates, the answer matters greatly.