The Mismanagement of Inflation Expectations

Central bankers are not required to be great wordsmiths. The ability to craft elegant paragraphs is not normally in their job description.

Until recently, many leading monetary policymakers operated on the “least said, soonest mended” principle. Montagu Norman, the governor of the Bank of England from 1920 to 1944, lived by the motto “never explain, never apologize.”