Daniel Moss warns of increased economic shocks and inflation pressures

Central banks around the world built their credibility on a simple promise: keep inflation near a target, usually around 2%, and everything else will sort itself out. Daniel Moss, a veteran Bloomberg Opinion columnist, is now arguing that this framework is under more stress than at any point since it became the global standard, and that the shocks hitting the system are only going to get worse. The case for reform, not retreat Writing from Singapore, where he’s been a close observer of Asian and global monetary policy for decades, Moss laid out his argument in an August 2026 column titled “Ditch Inflation Targets? Better to Overhaul Them Instead.” The core thesis is straightforward: the world has entered an era of more frequent and more severe economic disruptions, from geopolitical conflicts to supply chain fractures to energy price volatility. These disruptions make it harder for central banks to hit their inflation targets consistently. The natural temptation, especially after years of above-target price growth in many economies, is to declare the whole inflation-targeting experiment a failure. Moss pushes back against that impulse. Inflation-targeting regimes have expanded stea...