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Global Economy Is Now a Rorschach Test
After more than half a decade of inactivity on interest rates, the U.S. Federal Reserve believes economic conditions have improved enough that it can raise borrowing costs. The only question is when, rather than if, to move. Central bankers in the U.K, by contrast, are suggesting they could raise, or lower, or leave their key rate unchanged from the 0.5 percent level that's also prevailed for the past five years. Their lack of certainty should make the Fed less gung-ho in its rush to escape the so-called zero bound. Andy Haldane, the chief economist at the U.K. central bank (and the smartest guy in whatever room he ... (full story)