A lot more easing to come

The US Fed now looks likely to leave interest rates unchanged until next March before tightening policy more rapidly than the markets anticipate. Many other major central banks, meanwhile, are still on track for further policy easing. In particular, ECB President Mario Draghi has all but promised to loosen policy again in December and the Bank of Japan may well do the same this Friday. For its part, the People’s Bank of China will probably continue its easing cycle until well into 2016.