Expert warns central banks not raising interest rates quickly enough to stem inflation crisis

Global assets manager for €133 billion portfolio says a reversal is urgently needed for the world economy’s ‘extreme imbalance of capital and liquidity relative to investment demand’

Michael Kelly, PineBridge Investments: said central banks urgently needed to raise base interests rates “to or through” the real rate of inflation

Central banks are not raising interest rates fast enough to contain the current inflation crisis, and a wage-price spiral is already taking hold in the US economy, the head of a leading global asset manager has said.

Michael Kelly, global head of multi-assets for PineBridge Investments, which manages a portfolio worth $133 billion, said central banks urgently needed to raise base interests rates “to or through” the real rate of inflation, which he said was ...