COMMENT:

As leading central bankers meet this week in Jackson Hole, Wyoming, financial markets and media anxiously await indications of future policy direction. This year's topic is Challenges for Monetary Policy and, amid slowing global growth, the talk is of interest rate cuts and clearer forward guidance.

In September, the European Central Bank may commit to keeping rates below zero beyond 2020. Some economists think the Bank of England's Monetary Policy Committee should make explicit interest rate forecasts, mirroring the US Federal Reserve practice.

Many hope that the Fed's recent 0.25 per cent rate cut will be the first of

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