The new headquarters of the European Central Bank (ECB) in Frankfurt. Optimists believe that the ECB and the Bank of Japan are unlikely to withdraw stimulus any time soon because of subdued levels of inflation and that, when they do begin to taper, are likely to proceed at a glacial pace for fear of upsetting markets.Photo: Reuters
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Central banks breed investor optimism and pessimism in equal measure

The Fed has so far managed to tighten policy without spooking investors – but for the ECB and the Bank of Japan, yet to debate tapering, things could prove a lot messier

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The new headquarters of the European Central Bank (ECB) in Frankfurt. Optimists believe that the ECB and the Bank of Japan are unlikely to withdraw stimulus any time soon because of subdued levels of inflation and that, when they do begin to taper, are likely to proceed at a glacial pace for fear of upsetting markets.Photo: Reuters
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