The end of 2021 swept away the idea of surging inflation being transitory, setting the stage for markets to game the pace of central bank tightening next year.

A string of central bank meetings in recent days saw policymakers overlook economic risks from the omicron strain in favour of damping price pressures that they had brushed off as temporary a matter of months ago. That led traders to price in more interest-rate hikes, sending ripples through currencies, bonds and stocks.

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