Horror stories told by central bankers will not end in an interest rate shock

Traders got into a panic about impending rate increases last week, but they have taken fright too soon Wherever investors looked last week, the picture was rosy. The eurozone, for so long the laggard in the global growth league, could be seen zipping along following first-quarter GDP growth that hit 0.6%. German business confidence hit a record high, and France and Italy finally joined the party with higher than expected output. In the US, official estimates upgraded growth for the first quarter...