What are the dilemmas facing global central banks?

 The rise in inflation and Omicron-variant has complicated the picture for global central banks. What are the policy dilemma of different global banks and how investors are reading the developments?

Policy outcomes of various global central banks are set to dominate the trading sentiment on the bourses on Thursday.
After the outcome of the US Federal Reserve’s policy meeting, which was announced last night, investors will eye inflation and growth projections by the Bank of England and the European Central Bank.

These banks are set to announce their policy decisions later in the day.
Each central bank faces some version of the same dilemma - whether to guard against inflation, end the current era of low-interest rates, and central bank asset purchases are more urgent than the economic threat posed by the new Covid-variant. However, their different approaches could make for a tumultuous year.
Inflation, labor markets, and the link between the virus and economic performance are behaving differently across the major economies, setting up a potentially sharp divide over how central banks manage the coming stage of the pandemic.
This stands in contrast to the synchronized and massive support approved at the outset of the coronavirus pandemic in March 2020.
While the US Fed has already announced speeding up the tapering program, if need be, the Bank of England has been set off course by Omicron’s fast spread and the imposition of new restrictions in the country.
As regards Europe, the ECB needs to be mindful of the major differences inside the bloc for which it sets policy.
Any big retreat from crisis support could deliver unwanted consequences for the sustainability of the high debt loads in economies such as Italy.