El Nino Might Rescue Global Growth
Weather forecasters are fairly confident that the world is experiencing the strongest El Nino phenomenon since 1997-1998, a climate pattern that features increased ocean temperatures and disruptive rainfall and drought events around the world. You'd expect anything that wreaks meteorological havoc to drive up food prices. But surprisingly, it may also boost both inflation and gross domestic product -- which if true would be great news for central bankers struggling to combat the twin threats of faltering growth and stagnating consumer prices.
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