Central banks acted too late to tame inflation and may now have to raise interest rates too aggressively simply to restore their credibility, according to Jim O’Neill, a former Goldman Sachs Group Inc. chief economist and ex-U.K. government minister. Speaking to lawmakers on Monday, O’Neill said officials don’t “have the slightest idea what has really happened or what is going on” with surging inflation because it is about “a lot of complex forces.” “It’s quite clear the Bank of England and others should not have behaved as they did in the past two years,” he told Parliament’s Treasury Committee, in a reference to ... (full story)