Unintended Consequences

Last week, at a meeting of central bankers in Jackson Hole, Wyoming, USA, the frustration about the failure of low-interest rate policy to stimulate growth, was clearly evident. And this problem holds true in both the developed and emerging countries. Even growth in the United States, which is relatively better performing, remains fragile. This is one reason why the US Federal Reserve (Fed) is still cautious about raising its interest rate.

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