We have all experienced that awkward moment during a night out. The lights turn on, the volume softens. You look around: some people are still dancing. The quantitative easing party is nearing its end: the European Central Bank, the Federal Reserve, the Bank of England, the People’s Bank of China, Bank of Japan and Bank of Canada have all signalled a hawkish turn in policy over the past few weeks.
Why did central bankers all turn together, and why now?
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