Should we expect more monetary policy U-turns?

Experience since 2009 shows that the current crop of central bankers do not hesitate to change course if they think that is the right thing to do. Indeed, central banks in numerous advanced economies have tightened policy since the global financial crisis only to then loosen it. That said, we do not expect the US Federal Reserve Bank to change tack and begin loosening policy this year, as the conditions that persuaded other central banks to reverse course are not (yet) present in the US.