Sam Fleming

speaker

105 appearances 3 recordings 1 series first heard May 2026 last heard 21 Jul

Sam Fleming’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 3 in all, peaking in Jul 2026 with 1.

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FT News Briefing · War, inflation and how central banks are handling it all · 1 May 2026 podcast

Does it compel companies to start raising the prices of other products in the economy?

And does that create a kind of self-fulfilling momentum in inflation?

Now, I don't think we see any of that yet.

It's way too soon.

But they are worried because clearly there's a risk of that happening.

And let's face it, a lot of the central banks around the world went into this energy crisis with inflation, which was well above a target.

So they're not coming into this in a great position.

Initially, the tools they're using are communication, setting out scenarios for how the energy crisis might unfold, and expressing a willingness and a readiness to raise interest rates if necessary to quell increases in inflation expectations.

and that they will not let inflation get out of hand.

But in the end, they will have to follow this stuff up.

I think the signal that we got from Christine Lagarde, the president of the ECB yesterday, is that the ECB is seriously considering the need potentially to increase interest rates.

I think it's possible that we could see a rise as soon as this summer.

The messaging from the Bank of England, policymakers went into the meeting far more cautious about sending strong signals that rates could

might have to rise but still the message coming out of that meeting is that if this carries on for long enough this energy crunch then they will have to raise interest rates

So yeah, we had some fairly pedestrian growth figures this week.

The Eurozone growth rate was only 0.1% in the first quarter, so somewhat slower than we saw in terms of early growth indications from the UK from early in 2026.

And we also had US growth figures, an annualized growth rate of 2%.

So also relatively below expectations.

So we're not seeing particularly stellar growth figures.

I think it's probably a little bit early to see the full impact of the energy crisis in terms of headline GDP growth.

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