Last December, Bank of Canada governor Tiff Macklem suggested we’d ride an economic rollercoaster on the way back to two per cent inflation. “We can’t rule out bumps along the way,” he warned.

U.S. Federal Reserve boss Jerome Powell sang a similar tune, foreshadowing a “bumpy ride” back to the two per cent target. Yet, for whatever reason, most people either missed the memo or blew off these caveats.

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