Rarely has the world's most important and powerful central bank been so isolated. As the Federal Reserve prepares the ground for another interest rate hike, most other central banks are moving in the opposite direction. And the divergence is widening. No fewer than 53 central banks have eased monetary policy since the start of last year, almost all by lowering rates. Indeed, the pace of policy easing nearly everywhere is accelerating even as the Fed nears its second hike of the cycle. This raises several questions. If the global recovery is firmly rooted, why are so many central banks cutting rates? Can the global ... (full story)