A weekend of interminable meetings, and no skiing. But at least the world’s central bankers had each other for company at their annual chin-wag in Jackson Hole. What is more, they seemed broadly like-minded in their outlook. The overriding message was one of caution: the global economy is over the worst, but fragilities remain.

The reality so far as monetary policy is concerned is more fractured though. To be sure, the Federal Reserve does not look close to raising interest rates until at least 2011, in spite of futures markets pricing in a rise of about 65 basis points by June. Likewise, countries in America’s orbit such as Canada, Mexico and Brazil are probably on hold well into 2010, allowing their central bankers plenty of time to work on their golf swings.