Recent PMI data have sent diverging signals on the path of central bank policy tapering. The latest data can be typified by stagflation, with growth slowing sharply while price pressures remain elevated. There are different signals for different economies, however, and also possibly some parallels from the global financial crisis, which hint at the Bank of England and FOMC potentially pulling back on tapering pandemic-related stimulus. {chart} There's been plenty of talk of tapering in recent months but first actual action among the world's major developed economy central banks was seen at September's policy meeting ... (full story)