World Bank expects global inflation to fall 0.4-0.9 percentage points this year The Federal Reserve O nly a few months ago, the 2015 outlook for monetary policy could be summarised in two words: “great divergence”. This was the year in which the US Federal Reserve and the Bank of England would finally raise rates after years of ultra-low borrowing costs, while the Bank of Japan and the European Central Bank would continue to loosen monetary policy. More On this topic Global Insight Fast forward to the start of this year and the picture is completely different: from India and Turkey to Canada , monetary policy makers are all busy slashing borrowing costs. Brazil, where the central bank raised rates last week, is the one big exception to the rule. But its move pales against the ECB’s decision last Thursday to launch a massive €1.1tn programme of quantitative easing. And […]