Central banks have started reacting to inflation. In February, the Bank of England raised its base rate for the second time in two months, and the U.S. Federal Reserve is expected to do the same at its meeting in March. (Interestingly, so has the Bank of Russia—even the threat of war can’t break the dominant contemporary central banking consensus.) Alongside this shift in monetary policy, the governor of the Bank of England, Andrew Bailey, has asked workers not to push for a pay rise despite the fact that Bailey himself rakes in a rather large annual salary.