A new policy divide across the Atlantic

ARTICLE - Their analysis was so similar: the US Federal Reserve said on Tuesday that "inflation and inflationary expectations remain well contained"; Wim Duisenberg, the European Central Bank's president, concurred yesterday when he talked about "reduced inflationary pressure"; and both central banks expressed concerns about uncertain economic growth prospects.

First published in the Financial Times, UK edition, 8 November

But their policy action could not have been more different. The Fed

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