The era of waiting for rate cuts is over. Central banks across the world's major economies — from Washington to Frankfurt to Moscow — are signaling that elevated borrowing costs are here to stay, as inflation proves stickier than markets hoped.

The Fed Factor

New Fed Chair Kevin Warsh has made his first big mark — and it's a loud silence. Warsh slashed the Fed's post-meeting statement from 341 words to 132, formally ending decades of forward guidance. The...