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
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 ...