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Central Bankers Bow to Market Pressure as Eyes Turn to Fed-BOJ

  • ECB, China resume push toward greater global stimulus
  • Currencies may influence Fed, Bank of Japan this year
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Will the Fed Deliver an October Rate Surprise?

Central bankers are finding it harder and harder to buck the market.

It was September 2014, when European Central Bank President Mario Draghi declared “now we are at the lower bound” for interest rates and only this month that his colleague Benoit Coeure said expectations of the ECB are “just too high.” Yet with traders pushing for more action, Draghi signaled last week that another round of stimulus may be in the pipeline for December, including a potential cut to the ECB’s already negative deposit rate.