'Go Your Own Way,' Sing Lagarde And Powell

2025-10-09 07:20:00 ET

By Carsten Brzeski & James Knightley

Remember when former ECB President Jean-Claude Trichet coined the phrase, 'a very strong brotherhood of mutual admiration?' He was talking about his fellow central bankers. Don't be fooled that this remains a cosy club. Mutual respect may well be there. And while there's a lazy assumption that the European Central Bank simply follows the Fed, it really has become something of an urban legend. True, until the financial crisis, it did look a bit like that. But between 2014 and 2020, central banks went their separate ways. And we're seeing that again right now; it's a separation that looks set to continue....

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