Central Bankers Regain Altitude While They Can

An interest rate increase by the U.S. Federal Reserve has passed with barely a ripple of response in the public or media. A year ago, such a hike would have warranted volumes of analysis discussing the effect it might have on markets, the value of the dollar and other central banks' policies. After the announcement on June 14 of the quarter-point rise, its third over the past six months, all seems to be under control and running smoothly. In fact, a dispassionate observer might surmise that the financial crisis that began a decade ago has run its course, and that central bankers are losing their rock star status, returning to their pre-2008 roles as low-key functionaries....