If the current surge in prices lasts long enough to affect wages and people's expectations about future inflation, then chief executives will have won the day and central bankers will adjust their stances - and ultimately their policy. Even as policymakers at the U.S. Federal Reserve, European Central Bank and elsewhere diverge on how quickly to wind down massive pandemic stimulus programmes, they agree on one thing: the recent surge in inflation is not a major concern. The following piece explains where they differ - and under what circumstances their interpretations could start to converge.