The high tide for global interest rates has passed, but respite for the world economy may be limited as policymakers stay wary at the threat of inflation. That’s the dominant theme this year prevailing across 23 major central banks tracked by Bloomberg. All but three are seen set to reduce borrowing costs — but the pace of easing for many of them looks ever less likely to mirror the aggressive speed at which tightening first took hold. Even if renewed US inflation concerns prove unfounded enough that the Federal Reserve can begin steady rate cutting, the grip of monetary policy on the world won’t get markedly looser, ... (full story)