Will central banks look through the global energy supply shock?

Will central banks look through the global energy supply shock? In today’s Macro Minute, Darius explains why the answer is yes—for now—but with a key caveat: policymakers are turning marginally more hawkish, meaning investors should not expect a safety net if conditions deteriorate. Despite resilient growth and accelerating AI-driven productivity, sticky inflation and rising policy uncertainty are tightening the margin for error.