Updated Dec. 14, 2023 11:43 am ET
The European Central Bank and the Bank of England held interest rates steady as rich countries’ central banks begin to reposition themselves for a world in which inflation is under control.
The shift marks a turning point for a global economy that for months had been laboring under high interest rates, high inflation and—outside the U.S.—low growth amid heightened geopolitical uncertainties as the wars in Ukraine and Gaza rage on.
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