Persistently high inflation has brought back fears of a wage-price spiral. Our economics team Soumaya Keynes, Simon Rabinovitch and Callum Williams explore how expectations of high inflation become reality. We look at the data on whether workers or firms are winning the battle over wages. And, as they reach for all the tools at their disposal, are central banks still in control?

With Julia Coronado, founder of MacroPolicy Perspectives; Ethan Harris, head of global economics at Bank of America; Dario Perkins, head of global macro at TS Lombard; and Ricardo Reis of the London School of Economics.

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