Central banks can move markets without moving

(March 12): In a week of multiple central bank meetings, Tunisia raised interest rates and Kazakhstan cut them.

But as our weekly review of world economy shows, officials from Frankfurt to Tokyo didn’t have to change monetary policy to move markets. The lesson is that investors are watching most central banks closely for any sign they’re twisting toward tighter monetary policy.

Holding Fire

The European Central Bank left policy unchanged, yet President Mario Draghi and colleagues dropped a pledge to increase quantitative easing if needed.

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