Commentary As I write this, the Bank of England has just raised its benchmark short-term rate for the second time in the recent past. The European Central Bank stood pat at its Feb. 3 meeting; but beset by inflation at a multi-decade high, it is inevitable that the ECB will get dragged into the nascent inflation-fighting across the globe sooner rather than later. Elsewhere, Jerome Powell’s Fed will begin raising U.S. interest rates next month and start to reduce the size of its balance sheet soon thereafter. China is an aberration now. The People’s Bank of China has recently embarked on a multi-step easing process, both cutting short-term interest rates and relaxing bank reserve requirements. Analysts who follow China by and large blame two things for the divergence. First, China’s half-hypocritical “zero tolerance” policy for COVID has exacerbated what was already a dramatic slowdown in the world’s second largest economy. …