That makes it all the more worrying that analysts have become gloomier about medium-term prospects.
Another frequent complaint is that expectations are usually measured one year ahead when, arguably, what matters are people's beliefs about medium-term inflation.
Government borrowing costs are still low, because investors trust Mr Osborne, but Britain was downgraded because of worries about medium-term growth.
A downgrade of Vietnamese bonds and bank deposits on July 9th by Moody's, a credit-rating agency, reflected growing concern about medium-term economic stability, and fears of a crisis among debt-laden commercial banks.
It said that if the government sought an international bailout, it would have a positive impact on short-term uncertainties, but would raise concerns about medium-term access to private market funding.
Chagas disease vector control campaigns are being conducted in Latin America, but little is known about medium-term or long-term effectiveness of these efforts, especially in urban areas.
They said: "We believe economic newsflow in the coming months will remain poor, and investors are likely to remain concerned about the short to medium term demand for UK rail".
In France's first auction since Mr. Hollande became president, the Treasury sold about €8 billion of medium term bonds, including €3.7 billion of debt maturing in 2017 priced to yield 1.72 percent, the lowest ever.
Nonetheless, Mr Rajan's worries about the medium term are reasonable.
Indeed, 2016's market volatility has so captured the economic zeitgeist in part because there is already an underlying angst about the medium term growthoutlook for advanced economies – including the UK.
That judgment is too kind to the ECB, which could afford to have scruples about the medium term because other central banks were taking more care of the present.
