The Marriner S. Eccles Federal Reserve building in Washington, D.C. Photographer: Stefani Reynolds/Bloomberg
As the world's major central banks near the end of their steepest rate-tightening campaign in decades, the harsh lessons of past policy errors will weigh heavily on decisions as to when and where borrowing costs peak.
In the coming two weeks, officials at the Federal Reserve, the European Central Bank (ECB), and the Bank of England (BOE) will decide how much more pain they need to inflict in order to restore price stability while trying not to send their economies off a cliff or push an already creaking banking system into crisis.
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