(MENAFN) On Friday, the economic minister of Brazil cautioned that Western central banks are “sleeping at the driving wheel” as huge markets get closer to become part of the increasing inflation.
Geoff Cutmore from CNBC talked to Paulo Guedes during The Davos Agenda webinar, as he informed that inflation’s “beast” is running everywhere and decided to turn into a serious issue.
Guedes said to the board, “My fear is that the beast is out of the bottle.”
He mentioned, “I think the central banks are sleeping at the driving wheel. They should be aware, and I think inflation will be a problem, a real problem very soon for the Western world.”
He reported, “I don’t think inflation will be transitory at all,” adding “I think these supply adverse shocks will fade away gradually, but there’s no arbitrage anymore to be exploited by the Western sides.”
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