The Economist: Which central bank will raise interest rates first?

FEW central-bank governors flying into Jackson Hole, Wyoming, for the Federal Reserve Bank of Kansas City’s annual economic symposium this week are worrying yet about when to raise interest rates. Having exhausted their usual ammunition, the world’s big central banks are still trying to kick-start their economies with unconventional policies.

Minutes of this month’s rate-setting meeting at the Bank of England, for example, show that Mervyn King, the governor, wanted to expand the bank’s asset-purchase plan even more aggressively than it eventually did. But the Reserve Bank of Australia (RBA) and Norges Bank, the Norwegian central bank, are the hawks among the doves. Economic commentators expect them to raise interest rates sooner than anyone else.

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