JACKSON HOLE, Wyo.—Global central bankers are navigating a new set of threats as they decide how aggressively to act in closing out an era of exceptionally easy money.
Uncertainties include the prospect of disruptions to economic activity from tariffs imposed by the U.S. on China, Europe, Canada and others, and counter-tariffs imposed by those nations on the U.S. Emerging markets also look vulnerable if capital flight spreads beyond a handful of countries grappling with currency crises. Then there is the potential for discord...