Amid market sell-offs and surging inflation, central banks in the US and Europe are searching for a sweet spot in monetary policy — to make enough rate rises to dent inflation but not push economies into brutal recessions.
In Asia, central bankers are in a very different place. In China, private lenders have recently cut their main mortgage interest rate by the most on record. The Bank of Japan also has maintained its vow to keep yields at zero by buying bonds, if necessary.
In a climate as uncertain as this one, no one knows where the tightening cycle in the western hemisphere — and the loosening one to the east — will end up.
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