Briefly Comparing the Fed and the ECB

The ECB has moved toward forward guidance but they have been careful not to press too far ahead, I suspect because they wanted to get Weidmann on board. Here are two recent comments on ECB policy and some of my own.
First, Marc Chandler from last week when the ECB moved to forward guidance (emphasis added):

The ECB took an unprecedented step today. Part of its mantra has been that it does not pre-commit. Today it did. It indicated interest rates will be the same or lower for an extended period ...


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