The last time major central banks shifted gears together, it was a cooperative m...
WASHINGTON/TOKYO/FRANKFURT - The last time major central banks shifted gears together, it was a cooperative move to keep the financial crisis of a decade ago from becoming a full-bore, worldwide depression.
The three institutions, particularly the Fed, set financial conditions that influence interest rates, exchange rates and capital flows worldwide, and all three are expected to loosen monetary policy when they meet over the next eight days. “We really thought monetary policy had things under control,” and would be able to offset whatever programs elected leaders chose to pursue, even a trade war, said Tara Sinclair, an economics professor at George Washington University.
China, the chief target of U.S. President Donald Trump’s drive to raise tariffs and rewrite global trading rules, took its own steps last week to loosen bank credit, and nearly 20 other central banks have cut rates or loosened policy in recent weeks.
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