I have had another hectic week and yet another of my prolonged illness episodes. As I am cleaning out my inbox, I came across a note with the title above- from a European bank....
That inflation would fall to below 5 percent by February was known for several months, and many economists, including yours truly, have mentioned it. If anything, Wednesday's January inflation turned out to be higher than expectations.
One of the themes I have been considering of late, and will mention in tomorrow's Hurriyet Daily News & Economic Review column, is that the Central Bank is confusing markets on purpose, i.e. it is using some sort of Kissinger's constructive ambiguity. I guess it should not be too difficult to confuse the economist who thought the drop in inflation was unexpected:)....
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