Even if we end up in recession, a more inflationary world awaits us

The idea that a recession will drive down interest rates – and thus inflation – is flawed, says John Stepek. The disinflationary forces of the recent past had nothing to do with central banks, and now they have gone. Inflation will be here for some time yet.

 © Stefan Rousseau - WPA Pool/Getty Images
Aggressive interest rate rises are a risky move for central banks
(Image credit: © Stefan Rousseau - WPA Pool/Getty Images)

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.