Time and tide

The European Central Bank, the Bank of England and the Swiss National Bank delivered sharp rate cuts on Thursday: 50, 150 and 50 basis points respectively. Brave and bold. But central bankers are still in danger of succumbing to the “Canute syndrome” - failing to keep the receding tide of bank funding from leaving the economy high and dry. Overnight policy rates - 3.25% in the eurozone, 3% in the UK and 2% in Switzerland - are low by recent standards. But the US is at 1%. There will be more cuts...