The Bank of England is set to hike its policy rate for the first time in a decade at its meeting next week, and the US Fed is on course to raise rates again in December, while continuing to unwind QE slowly. Meanwhile, the ECB has announced its plans to scale back its asset purchases next year, but we do not expect it to raise rates until 2019. That would leave the Bank of Japan alone among the major advanced-economy central banks in keeping policy unchanged for the foreseeable future.
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