Federal Reserve chair Janet Yellen. After the Fed decided last month to defer yet again its normalisation of monetary policy, its inflation doves are openly campaigning for another delay. Photo: AFP

US Federal Reserve is way off target with its fixation on inflation

Stephen Roach says the misguided monetary policies of central banks are creating financial instability, and a new approach is urgently needed

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Federal Reserve chair Janet Yellen. After the Fed decided last month to defer yet again its normalisation of monetary policy, its inflation doves are openly campaigning for another delay. Photo: AFP
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