The world’s major central banks will start heading down different paths in the coming months, Standard & Poor’s top economist Paul Sheard says. Paul Sheard said the United States and British economies were recovering, while Europe’s was turning down and Japan’s remained sluggish.  But he said even in the US, Federal Reserve chair Janet Yellen had indicated there was no hurry to raise interest rates. Mr Sheard said two of the major central banks, the Federal Reserve and the Bank of England, were starting to be in a position where they could start to raise interest rates, although probably at a very slow pace. But he said that was not so for the other two major central banks, and the Bank of Japan was continuing with quantitative easing at a very rapid rate, while the European Central Bank (ECB) was embracing a more aggressive balance sheet expansion. More