Beware of the Fed's contrived consensus

CAMBRIDGE, England — Consider the recent tale of two central banks. Each is long-established, with influence that extends well beyond its country's borders, and both are pressed to make delicate judgment calls aimed at continuing to reduce inflation while avoiding undue damage to growth and jobs. In the event, they end up taking very different approaches within 24 hours of each other.

The first protagonist is the Bank of England (BoE), which cut its policy rate by 25 basis points following a 5-4 vote that reflects the complexity of the underlying economic issues. The other is the United States Federal Reserve (Fed), which takes pride in forging a consensus and delivering a unanimous vote, only to get battered by analysts and the media in the days following its decision. Which central bank do you trust more with your economic well-being and that of your family and friends?