Can Central Banks Keep Control of Interest Rates?


Investors are elated by a booming global economy and the promise of central banks to tighten monetary policy only gradually. The risk in the coming year: that long-term interest rates develop a mind of their own.

So far, those longer-term rates have remained subdued, even as the U.S. Federal Reserve increased short-term rates three times in 2017 and other central banks signal that the era of super-easy monetary policy may soon draw to a close.

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