Central banks have had the chutzpah to claim credit for slowing down the rise of consumer prices. The truth is they have taken advantage of the supply boost from fading pandemic dislocations to pursue continued monetary inflation.
Policies that have never worked are being implemented at an astonishing pace and with enormous levels of money printing and debt, and the government blames anyone except themselves for poor consumer and business confidence. This is not a strong economy.
2023 proved that central banks’ policy was restrictive in name only. Policy was restrictive only for the private sector, especially small and medium enterprises, and families. Policy was not for governments.