Rate cuts: Model soldiers

Persuading seven governments to act together is no mean feat. That happened early Wednesday morning as six central banks, including those of the US, eurozone and UK, cut interest rates by one-half percentage point, while a seventh – Japan – supported the move, although its rates were too low to cut. The unprecedented joint action by central banks is symbolic. But putting on a well-organised cavalry display doesn’t win battles and, while welcome, the rate cuts are likely to be of limited use. Sur...