Global Economics

Global Central Bank Watch

27 July, 2017

Lower global inflation will not prevent policy “normalisation”

The global picture for monetary policy has changed a little recently because inflation has been lower than expected in many countries. We now think the Fed is likely leave its policy rate on hold in September, but to resume its rate hikes in December. Meanwhile, the ECB is continuing to prepare the ground for tapering, but the Bank of Japan has no intention of following anytime soon.

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