European Central Bank Executive Board member Isabel Schnabel urged policy makers to act forcefully to bring stubbornly high inflation back under control and warned against retreating at the first sign that price pressures may ease. Risks are increasing that inflation expectations are becoming unanchored, threatening to undermine confidence in the central bank, she said during a panel at the Federal Reserve’s Jackson Hole symposium Saturday. With the economy likely facing larger, more persistent and more frequent shocks in the future as long-standing economic realities turn, monetary policy needs to focus on ... (full story)