The global economy is shifting toward a higher-for-longer period for interest rates, making the coming flurry of monetary decisions across the developed world pivotal in mapping out that plateau. In the next week or so, borrowing costs will be set for seven of the world’s 10 most-traded currencies — including the dollar and the euro — with a picture of prolonged policy constriction set to emerge. There’s suspense on the outcome for some of those decisions, with the European Central Bank’s Thursday meeting too close to call. But there’s a growing consensus that even those set to hold, such as the Federal Reserve, will ... (full story)