FRANKFURT—The policy paths of the world’s major central banks are diverging sharply, creating crosswinds for investors, as the Omicron variant of Covid-19 clouds an already uneven global recovery and risks aggravating red-hot inflation.

Policy makers at three influential central banks—the Federal Reserve, the European Central Bank and the Bank of England—meet this week to provide guidance on future interest rates. They are expected to move at different speeds, reflecting varying responses to the pandemic and divergent outlooks for growth and inflation.

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