The US Federal Reserve raised interest rates on Wednesday and, expressing confidence in the world’s largest economy, signalled two more increases before the end of the year. The Fed has upped rates seven times since the “great recession”, with benchmark borrowing costs now in a 1.75pc-2pc range.

The European Central Bank (ECB), meanwhile, overlooked evidence of a eurozone slowdown to “confirm” quantitative easing will be phased-out by the end of 2018. Still €30bn (£23bn) a month, the ECB’s massive bond-buying programme will apparently be withdrawn in stages – “apparently” because I don’t think this will happen.

The ECB is under massive pressure from Germany, where there is much scepticism towards...