Is monetary policy ready to return to normal?

Interest rates look set to rise and the future could be volatile for foreign exchanges. It all points to a period of change for the world economy – and time for central banks to prove their worth

16th July, 2017

This year is beginning to look like the year that the global central bank strategy of ultra-low interest rates and extraordinary bond purchases finally comes to a close.

Conditions now appear to be in place to justify the tapering of crisis-fuelled stimulus. We have strong economic growth, low unemployment and ultra-low credit spreads. For most major central banks, the next policy step looks to be the raising of rates.

The real question for bond, foreign...

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