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The Myth of the Central Bank ‘Soft Landing’
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wsj.com“Soft landings” are easier to find in the legendarium of central banks than in historical reality.
It was a big week for interest rates. The Federal Reserve’s supersize rise was followed by the Swiss National Bank ’s move to increase borrowing costs for the first time since 2007. Both went further than was expected a week ago. The odd one out was the Bank of England, which nudged rates up less than expected after forecasting a 0.3% contraction in British output in the second quarter.
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