The Great Rate Split: Why Central Banks Are Suddenly All Over the Map

Pull up a world map of central banks this week and you won’t find a pattern — you’ll find a mess. In London, inflation is cooling and traders are bracing for a rate cut. In Colombo, inflation is creeping back up and policymakers just froze rates in place. In Monrovia, a central bank eased its grip because prices finally calmed down. And in Abuja, a currency is rallying on nothing more than the anticipation of a decision that hasn’t even happened yet. Welcome to the least synchronized moment in global monetary policy in years — and it’s telling us something important about how uneven the world’s recovery from the inflation shock has actually been.

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