00:00So far, fortunately, the long-term inflation expectations remain anchored.
00:07As long as this is the case, central banks can see through that and not rush to touch interest rates.
00:16They should not. They should not.
00:17We look at the inflationary impact, and yes, we may see it moving upwards, but it hasn't happened yet.
00:27And one thing that I'm concerned about is central banks being burned by the last inflation episode when they were
00:37a bit slow to act, whether they may rush this time to overcompensate.
00:42So be very careful. Be very measured. Look at the data.
00:48Communicate clearly that if they should be tightening, you will do it, but don't rush.
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