There is a special reason for paying particular attention to the Fed meeting this week and indeed the European Central Bank meeting next week.
What we all need to know is the response of the world’s main central banks to the emerging bubble in asset prices.
Do they think we are really seeing a bubble that has to be popped?
Or are they sanguine about what is happening?
What do they think about bitcoin obviously but also what do they think about asset prices more generally?
The reason is simple.
The good news is that the world is at last experiencing a coordinated expansion – with all major regions growing reasonably swiftly.
(The laggard until recently has been the eurozone but that is now picking up pace.)
The bad news is that the policies that have led to this expansion – especially ultra-easy money conditions – have created a boom in asset prices that at some stage will come to an end.
We know from history that it is better not to allow bubbles to become inflated but to let the air out slowly.
Even if there is no general bubble in asset prices – a coordinated global expansion should not need near-zero interest rates to keep it going.