Global Weekly: How central banks changed their tunes

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The US dollar on Wednesday hit a 14-month low, after Federal Reserve Chair Janet Yellen was slightly more pronounced in acknowledging that inflation is running below target. We expect the Fed to delay its next rate hike until December this year.

Over the last few weeks, government yields have been torn between persistently low inflation numbers, mostly in the US, and persistently strong growth numbers, mostly outside the US. Following ECB President Draghi’s lead at the ECB Forum in Sintra (Portugal) at the end of June, central banks across the globe have changed their tune.
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