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This is CBS.

By the world, I'm John Batcher.

The American Economy, the global economy, comes down to inflation and central bankers

in Portugal these last days, two of the most important central bankers,

Christine Lagarde of the European Central Bank and Jerome Powell of the Federal Reserve.

Both indicated they are disposed to continue to raise rates in response to inflation.

Mr. Powell said he didn't expect a success with his rate raising

and the economy responding until the year 2025,

for it to regain the 2% goal that he and his governors have identified.

The European Central Bank is not predicting when to stop,

but it is indicating it will continue to raise.

This is a dispute in the European markets.

We'll come home to America, however, and welcome Jim McTague,

former Washington editor of Barons, to comment on Jerome Powell's 2025

...