Major central banks steer a cautious hiking path

LONDON/MILAN , July 30 : The bond market selloff after this week's Federal Reserve meeting highlights the challenge policymakers face as they grapple with what higher energy prices and the uncertain consequences of AI advances will mean for their economies. The Fed left interest rates unchanged on Wednesday, even as chief Kevin Warsh pledged an unwavering commitment to bring inflation down, confusing traders and triggering heavy selling in longer-dated bonds. The Bank of England held rates steady on Thursday, and the Bank of Japan faces its own dilemma on Friday. Here's where central banks in the Group of 10 developed economies stand, ranked from the highest policy rate to the lowest. 1/ AUSTRALIA The Reserve Bank of Australia has raised interest rates three times this year to 4.35 per cen