How central banks together set policy for 90% of the world economy

Reserve Bank of India is likely to raise rates in coming months as it tries to shore up the battered currency

Global central banks are gradually withdrawing easy monetary policy a decade since they began racing to the rescue of a world economy skidding into recession.

The Federal Reserve’s benchmark is now the highest since 2008 and officials are signalling another hike in December and more in 2019. Emerging markets from Argentina to India have acted to defend their currencies.

All told, 10 of the 22 central banks monitored in Bloomberg Economics’ quarterly outlook raised interest rates since the start of July. Seven are predicted to do so again before the end of this year.

That’s not to say global policy