With Base Rate at Zero, Bank of Israel’s Options Narrow

One is to pray the Fed begins raising rates; another is to take a stab at quantitative easing. A third is to step up dollar purchases. All present problems.

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Over the last few weeks no fewer than 16 of the world’s central banks have lowered their base lending rate. The banks are fighting a resurgence of the currency war, each trying to weaken its currency in order...