The idea that central banks have rediscovered their mojo is not borne out by the diverging policies on rates they are making
There is a school of thought that says central banks, after a decade of running scared, have found their mojo again.
Their anxiety stemmed from the 2008 crash, when banks panicked in the wake of the US sub-prime property crash and drained the financial system of funds. Only the central banks could make up the difference – with a lending programme known as quantitative easing – and it has been the same story ever since.
