The COVID-19 pandemic was a global crisis that drastically affected all walks of life and impacted society more than any other phenomenon in decades. Billions were forced to stay home. Schools were closed. And entire business sectors were devastated, resulting in the loss of millions of jobs.
Over a three-year period, economies across the globe would navigate rising inflation fueled by government rescue spending. This led to an increase in demand for workers that further placed upward pressure on wages and, eventually, increased the price of goods and services. Moreover, markets remained volatile due to ongoing geopolitical conflict, supply chain disruption, soaring gas and energy prices, and historic monetary policy increases.
Fast forward to today – 2024 – and we remain fixated on inflation and labor market data as central banks across the globe contemplate when to cut rates.