t was billed by some as the most important Federal Reserve meeting, ever. There’s nothing quite like hyperbole to get people interested in a routine US interest-rate decision. As it turned out, the June Federal Open Market Committee meeting was a bit of a non-event. But that hasn’t stopped some pundits from analysing every syllable of every utterance from Fed chair Jerome Powell. It’s a good job he didn’t smile or raise an eyebrow at the wrong moment. Heaven only knows what could have happened if he had. Yes, the Fed said that it was closely watching inflationary pressures. Yes, the Fed is preparing markets for the day when it may not need to buy as many bonds. And yes, the Fed has signalled that it will need to raise interest rates. But didn’t we expect all of that, already? At some point, the global economy will not require as...