Extract

New York — Central banks face an inherent challenge in a world where nuance is out of fashion and policy conversations happen in 280 characters or less.

What they do ranges from the mildly specialist to the mind-bendingly complex, and it’s risky for central bankers if the public has no idea what they’re up to — or why. Policies to stabilise inflation work best when people believe in them, because they depend on expectations of where prices will go. And a popular backlash against higher interest rates can bring political heat.

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