What to Expect From Central Banking’s Big Three
Not to overdo the wartime comparison, but Powell, Lagarde and Ueda hold the fate of monetary policy in their hands at a crucial moment.
The original Big Three in Tehran, 1943, sealing the fate of the Axis.
Photographer: Bettmann/Getty
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In the closing years of the Second World War, the Big Three set out the shape of the postwar world and sowed the seeds of the next decades-long conflict. By comparison to Franklin D. Roosevelt, Winston Churchill and Joseph Stalin, the names of Jerome Powell, Christine Lagarde and Kazuo Ueda do not inspire the same awe or dread — but the leaders of the Federal Reserve, European Central Bank and Bank of Japan are the Big Three of modern central banking, and all will preside over monetary policy decisions this week, just as the hope has taken hold that easier money is close at hand. Here’s what to expect: