Central banks in the rich world cut interest rates in lockstep in 2008 as the world economy spiralled. Their paths back to normal interest rates will be more disparate. Some are already en route. On November 3rd the Reserve Bank of Australia raised its cash rate to 3.5% from 3.25%, the second increase in as many months. On October 28th Norway's central bank became the first in Europe to tighten, raising its policy rate to 1.5% from 1.25%.
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