Central bankers insist rates are staying put as BIS faces ‘loss of credibility'

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The BIS tower reflected

In the week following the Bank for International Settlements' (BIS) call for recovering economies to begin tightening monetary policy, leading central bankers have lined up to emphasise that raising rates is their last line of defence against financial instability.

As Fed chair Janet Yellen finished delivering the Michel Camdessus memorial lecture at the International Monetary Fund on Wednesday, where she outlined her belief that "monetary policy faces significant limitations as a tool to

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