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When will the Fed raise interest rates?

Easy money isn’t as simple as it seems

By George Magnus  

Mario Draghi, President of the European Central Bank, looking cautiously optimistic. © Wiktor Dabkowski/DPA/Press Association Images

Last week, the European Central Bank (ECB) and the People’s Bank of China (PBC) both gave financial markets something to cheer about. This week the Federal Reserve and the Bank of Japan hold their monthly meetings. The latter could announce a further expansion of its already significant QE programme. No one expects the Fed to copy its peers. Indeed the expectation…

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