Global Market Swings Focus G-7 as Inflation Blamed on Russia

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(Bloomberg) — Global finance chiefs committed to keep an eye on financial markets after recent declines and pledged further monetary tightening as they placed the blame for the current inflation shock squarely on Russia. 

The Group of Seven nations “continue to closely monitor markets given recent volatility,” according to a communique released on Friday. Central banks “will continue to appropriately calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner, ensuring that inflation expectations remain well anchored, while being mindful to safeguard the recovery.”

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