Markets Versus Policymakers Who´s In Charge?

Economic data and market expectations have shifted dramatically in the past few months. Gross domestic product growth figures have disappointed while inflation has surged, causing some commentators to blow the dust off a long-neglected word stagflation. Markets brought forward tightening expectations, but central banks are sticking to the 'transitory inflation'line - for now. So who has the better handle on the economic outlook?