All eyes are on the U.S. Federal Reserve's meeting this week of its Open Market Committee, the body that sets interest rates. Until last week, the smart money anticipated a rise in U.S. interest rates, but comments by several board members has dampened such speculation and most observers now expect the Fed to leave rates unchanged, which in turn means that rates may not rise again this year.

A decision to stick with the status quo should not obscure larger, more pressing questions that surround economic policy. The economy of the United States is performing well, but considerable risks persist, not least of which is the prospect of a shock in the November presidential ballot. The biggest concern is the over-reliance on central bankers to run the world economy. Governments — executives and parliaments — have with rare exception taken little responsibility for economic management. Fiscal policy can and should be playing a larger role in stimulating and sustaining economic growth, but it is notable by its absence.

The federal funds rate, the rate at which the Federal Reserve lends money overnight to banks, is the Fed's benchmark interest rate. Today, that rate stands at 0.5 percent; it was last raised in December, when it increased one-quarter of a percentage point; previously it had hovered around zero for seven years as the Fed ensured that money was available to banks (and the wider economy) in the aftermath of the 2007-2009 Global Financial Crisis.