Investors have warned that big economies are entering a new period of “fiscal dominance”, in which central banks are under growing pressure to keep interest rates artificially low to offset the cost of record government borrowing.
The most prominent case is the US, where President Donald Trump has urged the Federal Reserve to slash rates to save billions of dollars in debt-servicing charges.
But government debt loads and rising borrowing costs in countries such as the UK and Japan are also putting central banks under pressure to ease monetary policy, economists and investors say, through other means such as slowing plans to reduce the size of their balance sheets.
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