The Federal Reserve said on Wednesday that it needed to hold rates steady because “developments in the Middle East are contributing to a high level of uncertainty about the economic outlook.” | Anna Rose Layden / The New York Times

The world’s leading central bankers are stuck.

In stately succession in the past week, policymakers in Tokyo, Washington, London and Frankfurt decided that despite long-stated intentions to shift short-term interest rates, this was not the time to take action. In each case, they concluded that they had better just leave short-term interest rates alone.

The central banks all face a gigantic and imponderable problem. Inflation is surging, economic growth is slowing, and it’s not clear how long the energy shock set off by the war in Iran or these broader economic effects will last.

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