China and India stumble into monetary leadership

In the monetary cosmos, at least, it feels like there's alignment

China and India are leading the world. Kind of.

In the dovish tilt that's defined interest rates lately, only two noteworthy central banks have actually loosened monetary policy: the People's Bank of China and the Reserve Bank of India. Both have indicated there's more to come.

When people talk about Asia's two giants moving out front, they tend to be thinking about geopolitics, or the often-asserted retreat of American preeminence. They may also be talking about how the sheer size of these economies, backed by large populations, has grown. Few mention monetary policy.

The Federal Reserve's pause made it much