, Columnist
The Global Central Bank Is Alive and Well
The divergence camp seems to crave a granular level of policy coordination that seldom occurs outside a crisis.
Central banks are more synchronized than you think.
Photographer: Mondadori Portfolio/Getty Images
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After years of common purpose and shared commitment, central bankers are characterized as going their own way. The emphasis on divergence in the path of interest rates, a line often encouraged by officials themselves, is unfortunate and cloaks an underlying theme. The coming year will be defined by easing, almost everywhere.
The only thing up for grabs is the depth of rate cuts — and how they are framed.