Against the dramatic backdrop of the Teton mountain range, something many had considered all but impossible appeared to be in sight for the top central bankers who had travelled to Wyoming for the Jackson Hole symposium.

After experiencing the worst inflation shock in four decades, those in attendance at the Kansas City Federal Reserve’s annual conference this weekend were hopeful they were close to beating the odds and achieving a soft landing for the global economy.

Andrew Bailey, governor of the Bank of England, and his counterpart at the Fed, Jay Powell, hit back at fears that growth would need to be sacrificed to reach their inflation goals. As they begin to cut borrowing costs, both men signalled they were still on course to avoid a recession.