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Central Banks Are Fighting Themselves, Not Markets

Central Banks Are Fighting Themselves, Not Markets

The relationship between central banks and financial markets is just like any other: You can’t learn to trust others if you don’t trust yourself.

On Thursday, the Bank of England left interest rates pegged at their record low of 0.1%. Even though U.K. consumer-price growth hit 3.1% in September, BOE Gov. Andrew Bailey said that “this period of higher inflation is likely to be temporary.” This echoed Wednesday’s statements by the Federal Reserve, which also struck a dovish tone despite dialing back bond purchases.

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