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Central bank withdrawal means tighter times ahead for borrowers

Reuters  |  WASHINGTON 

By Howard SchneiderWASHINGTON (Reuters) - With the world's two largest central banks now pulling back the economic props used to battle multiple crises, a so-far sturdy global recovery faces a new challenge as rising interest rates begin to take hold.For U.S. consumers, home mortgage rates already have risen enough over the last few months to offset the extra cash the average family could expect from recently enacted tax cuts, a potential drag on the consumer spending that continues to power the U.S. recovery. Credit card and auto loan rates are also rising.Globally, emerging markets that ...

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First Published: Fri, June 15 2018. 02:13 IST