Japanese-style interest rate caps are drawing interest from global central bankers worried about a downturn, including U.S. Federal Reserve officials grappling with how to bolster their options as prospects for the global economy darken. A departure from the classic focus by central banks on short-term rates, the Bank of Japan’s “yield curve control” initiative aims to anchor longer-term rates that often more directly influence consumer borrowing costs and spending. The BOJ has been receiving queries from several central banks, including the Fed, on how the unconventional program works, sources familiar with the ... (full story)