This is CBS Eye on the World with John Bacheler. Here's John Bacheler.

Inflation, it is a worldwide challenge to central bankers. And I welcome my eye on central

banking. That would be Joseph Sternberg. He's in London. He writes politically economics.

He's a member of the editorial board of the Wall Street Journal. The central banker of the

United States has drumped out the Federal Reserve. He has spoken. Inflation is the challenge.

2% average is the ambition. The central banker of the ECB Christian Lagarde has spoken.

The inflation is the challenge to all of the European Union and the rates will continue to rise

until. And the central banker of London, of the United Kingdom, and Drew Bailey has spoken.

Raised rates again. Because inflation is undermining the confidence of the British people.

Three central bankers, three opinions. Or is it? Joe, a very good evening to you. They look like

they're in lockstep. They look like they all spend their lunchtime trading text messages.

Is that accurate, Joe? Good evening to you.

Hey, John. Well, it's not precisely accurate to say that because I mean, certainly they would

deny that they coordinate with each other in any serious way. But I think that what is going on

is a couple of factors that are leading to an outcome that makes it look as if they were

coordinating with each other. The first factors that they all belatedly realized that they had

a big inflation problem and that their policy errors in 2020 and 2021 had contributed to this

inflation that we were seeing really across developed economies, including starting to pop up in

Japan. And they've realized that they were very late to start dealing with that. And the other

thing that they've realized is the interest rate increases that we've seen are the only tool that

they think they really have to deal with this. And so that's creating this environment where they

all face various forms of political pressure to keep raising rates until they get the inflation

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