M&G's Leaviss: No cruise speed yet for central banks

How have they performed this summer?

Some of the world's most important central banks have met over the past few weeks, probably before rushing for a summer holiday, but the ships they are sailing have not quite reached cruise speed yet.

The US Federal Reserve, the European Central Bank (ECB), the Bank of Japan (BoJ), and the central banks of Brazil and Mexico left rates unchanged before the summer break - all because growth and inflation are far from running at full traction.  Only the Bank of England and the Reserve Bank of India lifted interest rates, although neither country can claim that the hikes were due to booming economic activity. In the UK, the currency plunge following the Brexit vote has made imports more expensive, raising inflation, while in India, prices have increased amid rising food costs and expen...