What do central banks do?

Have central banks lost control of the monetary system? With low growth and low inflation seemingly in control how are central banks responding and will their action ultimately steer the global economy back onto an even keel?

Andrew Haldane from the Bank of England said "central bankers may need to accept that their good old days – of adjusting interest rates to boost employment or contain inflation – may be gone for good".

For now though, their action and words will continue to move the markets.

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