In a multipolar world the dollar’s dominance won’t last forever | Larry Elliott

While we shouldn't read too much into the Brics expansion, the geopolitical landscape is shifting

Two big international gatherings took place last week. The one that was held in the Rocky Mountain resort of Jackson Hole was a demonstration of the grip the US has on the global economy. The one that was held in Johannesburg was evidence of the challenge posed to America from the leading emerging market countries.

Let's start with Jackson Hole, where Jerome Powell took centre stage. What the head of America's central bank had to say about interest rates clearly mattered for the US, where the economy has so far emerged relatively unscathed from the severest tightening of policy in four decades. The message was that the battle against inflation was not over and further increases in interest rates were possible.