Central banks to the rescue? Don’t count on it.

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Hints of an economic slowdown are appearing, and expectations are increasing that central banks may loosen their monetary policy — but I’m not sure central banks will come to the rescue this time.

• Hints of an economic slowdown are appearing.
• The conventional assumption is that enough bad data will mean looser monetary policy.
• However, I believe central banks are more likely to be a risk factor going forward.