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The minutes of the latest Fede r al Reserve Open Market Committee released y esterday gave us some prospective on what the Fed really thinks about long-reaching consequences of the ultra-low rates policy. “Members noted the possibility that some negative side effects might result from the maintenance of very low short-term interest rates for an extended period,” is one quote that springs off the page.\n\nThis “negative effect” is inflation. F r om a polic y -making point of view, the way to fight it is via higher interest rates. However, we aren’t likely to see the higher rates in the U.S any time soon as the recovery is still very fragile. \n\nMeanwhile, r ecord-setting gold prices signal that inflation is a strong possibilit y . So do the prices of industrial metals, which have been rising at record pace. \n\nMan y economies ac r oss the globe aren’t in a hurry to raise rate either. Some are still cutting – the Russian central bank, for example. Beside the goal of stimulating its economy, Russia is also planning to slow down the inflow of capital into the country, which threatens the ruble’s stability. This week, Russia cut a key rate for the ninth time since April to a record low 9 percent to stem the use of the ruble to profit from the carry trade (borrowing in another currency with low rates—such as the U.S. dollar and using the proceeds to buy rubles). More cuts may be necessary, according to a Russian bank official. \n\nRussia Percent 3.2 monthly gain in retail sales. However, the Russian Remains weak manufacturing sector, as tight credit Despit Conditions Remain the Interest Rate cuts. So we will likely continue to see downward pressure on Interest Rates in That Country. B and cont r ast , Another Country Whose currency has-been on the upswing Lately, Australia, forecaster is to raise rates by Economists again for the third-straight month on December 1 (to 3.75 percent). Investors continue to bid up STI as They expect the currency increases. Australia's GDP Grew at a better-than-expected 1 Percent in the first half this year. Whose country is this the annual GDP Growth Will Be positive for the 18th straight year. Having largely Avoid the trouble housing the U.S. That Plagues, Australia's economy looks to Be on solid ground. The Australian dollar looks poised to Reach parity of the U.S. dollar, for the First Time Since 1982. B r azil también and likel to start raising rates soon, from the current 8.75 Percent to 10.5 Percent Next Year, the central bank recently released survey of about 100 Economists shows. This country is Trying to stem the advance of ITS own currency, the advance that's making it less competitive Internationally. Showing Some signs of ove r heating, The Fastest Emerging economies and in the world, China, May Be bank running low on funds. With the encouragement "of the Government, this year China's banks lent Have Some out the equivalent of $ 1.3 trillion dollars, Which helperpropel China to its fastest growth in a year during the third quarter. It’s been a drain on banks’ capital, however. This had led to some speculation that the Chinese banks may raise capital by selling shares, and caused the Chinese bank shares to come under pressure. \n\nFueling this, the r e is also speculation that China’s Central Bank is pressuring banks to increase capital adequac y requirements. Though banking regulators denied a report that the capital adequacy ratio will be raised to 13 percent from the current 9, banks are reported to be under pressure to raise more capital and slow down their lending. This makes sense, as China needs banks to have sufficient capital to lend next year to keep economic recovery sustainable. If the U.S. dollar continues to Weaken, the renminbi, Which Is Pegged to the dollar, will continue to depreciate as well, Increasing inflationary Pressures in China.