Interest rates

THE Federal Reserve is widely expected to cut its key interest rate by 25 basis points at its next meeting on December 11th. America's central bank has already cut rates by 75 basis points since September. At the beginning of the Fed's last rate-cutting cycle in 2001, central banks elsewhere followed suit. But so far this year, no other rich-world country has lowered its key lending rate. Several, including Sweden, Norway and Australia, have tightened policy since the Fed's first cut. China, facing rising inflation, has also made money dearer. In Britain and the euro area, rates were increased earlier in the year but have been on hold since the summer.