No, the exception was really the über-low volatility we saw during the mid to late 1990s and 2000s prior to the GFC. History suggests we may be reverting back to the normality. And the inflation-targeting regime is likely to face some of its stiffest tests yet … Glenn Stevens is probably one of the best central bankers we have ever had. But history has not been kind to him with the cards it has laid on his table.
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