We’re starting to see an increasing divergence in the outlook for growth, inflation and the likely next move from many of the world’s central banks. Some are on track to cut policy interest rates as expected, such as the European Central Bank (ECB) and the Bank of England (BOE). Others, like the US Federal Reserve and our own Reserve Bank of New Zealand (RBNZ), are grappling with stubbornly high inflation that has delayed any plans for policy easing. What does this mean for the New Zealand economy, and the outlook for interest rates?