How High Will Interest Rates Go?
Many Happy Returns
The Importance of Signaling to Markets
Central banks have to coordinate with each other around the world. You can't get too out of line with the Fed if you're a developed market economy. If your rate goes up 4 percentage points, nobody else's does. Then your currency will hugely appreciate and create huge amounts of volatility. And then you've got the effect on the bond market, which would be fairly catastrophic.
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