Fed leads as rich nations shift away from near-zero interest rates era

Together, the five rate increases were the most in any week since records started in 2001

The era of zero interest rates in the world’s major economies ended with the Federal Reserve’s decision to raise borrowing costs last week.

The average interest rate in developed economies weighted for output passed 1 per cent for the first time since 2009, according to JPMorgan Chase & Co. A similar gauge for the Group-of-10 economies compiled by Natwest Markets also touched that level.

The landmark, reached almost exactly a decade since the collapse of Lehman Brothers Holdings Inc. sent the world economy spiraling toward recession, underscores the gradual path that central banks around the world are taking away from their emergency