The Bank of England might be the world’s most captivated Fed watcher right now

There’s a game of monetary chicken afoot.

Both the US Federal Reserve and the Bank of England are grappling with the question of whether to raise interest rates for the first time in years, and they’re both tantalizingly close to doing so. And although the US economy is much larger and the Fed is much more influential, both central banks hold sway over globally important currencies. Whichever moves first moves into uncharted waters and will serve as an example for the other.

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