When most people think of central bankers, they imagine a responsible technocrat ready to remove the punchbowl just before the party gets out of hand. But to some that caricature might now seem outdated.
In North America, unemployment rates are at historic lows, growth is again set to run above trend, and inflation has just about reached target. And the punchbowl? It’s been watered down, but is still there, waiting to be enjoyed.