While the world is getting used to rising interest rates almost everywhere – with noticeable exceptions in China，Japan，and Turkey – there are signs of central bank divergence on the horizon.

The divergence in central bank policies is not new. Domestic economic conditions differ，calling for different responses. Yet，the past year and a half，amid global inflationary pressure，has seen central banks act in unison – hiking up rates aggressively to quell inflation in fear of a wage-price spiral. More generally，in the past three decades，central bank policies，especially those in the developed counties，have become more synchronized.

The recent central bank actions serve as a reminder that as inflationary pressure recedes in some parts of the world，central banks will find themselves navigating complex challenges，occasionally marked by conflicting domestic imperatives.