Surging inflation puts interest rates back in focus as policymakers meet in Japan, US and UK

Iran war and turbulent global bond markets add to pressure as rate decisions loom this week in major western economies

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Central bankers in economies including the US, Japan and the UK will face a moment of truth this week, as surging inflation raises the prospect of higher interest rates.

Policymakers in all three countries will set rates in the next seven days against the backdrop of turbulent global bond markets.