Central banks are resuming their first-responder role as the world economy runs into trouble even if they lack the firepower they once had at their disposal. With Australia cutting interest rates on Tuesday for the first time in three years and India likely to follow on Thursday, monetary policy makers are again seeking to shore up weak growth and inflation. Federal Reserve Chairman Jerome Powell signaled an openness to loosening if necessary. Former Treasury Secretary Lawrence Summers wrote on Twitter that the Fed should cut by 50 basis points over coming months, if not more, to ward off r...
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