A 36-Hour, 11-Nation Marathon Won’t Settle Rates for the Year
The Fed looks close to the finish line in its hiking campaign, but other key central banks are running at different speeds.
Being first across the line didn’t get the gold for Dorando Pietri, who was disqualified due to the helping hands at the 1908 London Olympics.
Photographer: Bettmann/Getty
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Get ready. Global markets had an impressively calm day Monday. But starting with the Federal Reserve on Wednesday afternoon, New York time, and ending 36 hours later with the Bank of Japan, a marathon field of 11 central banks will announce their latest moves on monetary policy. (In between, brace for news from Brazil, Taiwan, Indonesia, the Swiss National Bank, Sweden, Norway, the Bank of England, Turkey and South Africa.) Inflation has been a global phenomenon, but the response to it has not. Some seem to be within sight of the finish line, but others are hitting a wall. It is startling, therefore, that investors seem now to be confident about where monetary policy, inflation, and bond yields are heading.