, Columnist
Bank of England Governor Takes a Crack at the Inflation Mystery
A domestic view won't explain the disconnect between employment and prices.
Mark Carney and the Fed are singing the same tune.
Photographer: Etienne Oliveau/Getty ImagesCentral bank sleuths are on the case. What explains the "mystery," to use Janet Yellen's word, behind low inflation and strong employment?
It's a question that requires global detective work, a point amplified by the Federal Reserve minutes this week when someone (who may have been Yellen) remarked on the global nature of the challenge. Inflation and wages remain stubbornly low despite a global upswing. What gives?