Oil crisis 2.0? Central banks brace for Middle East fallout

Smoke rises following what Iran says was an Israeli attack on an oil depot in Tehran on June 16. © Reuters

William Pesek is an award-winning Tokyo-based journalist and author of “Japanization: What the World Can Learn from Japan’s Lost Decades.”

This week, as central bankers overseeing 40% of global economic growth plot interest rate strategies, they are doing so, effectively, while wearing blindfolds.