By signaling hawkish policy intentions that went beyond the market consensus, the Bank of England did more than convey its updated views on the U.K. economy and the prospects for monetary policy tightening. It also highlighted the ongoing gradual shift by central banks in advanced countries toward less stimulative policies. This evolution makes sense, given domestic economic conditions. It is not sidetracked by the current bout of market volatility. But it also raises interesting system-wide questions that have no definitive answers, at least yet. The BOE on Thursday followed some of its peers in other countries by ... (full story)