Commodity-fueled inflation could derail what appears to be the beginning of a healthy economic recovery in the U.S., while limiting monetary policy action if growth begins to abate.
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China, too, has kept investors on the edge of their seats, as we wait for some monetary or fiscal action.
One event that might help that would be central-bank action on monetary policy, Meir said.
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If not QE3, some other type of action to further loosen monetary policy is increasingly expected from the Federal Reserve, said Sterling Smith, commodity trading adviser and market analyst with Country Hedging.
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Asia was also on hand to offer approval: The Bank of Japan said it "supported" the action, but noted that its own monetary policy was already accommodative.
The argument is that although the Bank of England may theoretically be making autonomous decisions, in practice its freedom of action will be completely constrained by the monetary policy of the much larger euro zone.
No action could mean further softness in the economy, furthermore monetary policy is already accommodative anyway.
Following a similar announcement by the Bank of England, the Fed's action understandably suggests central banks, having approached the limits of conventional monetary easing, are now experimenting with more monetarist solutions.
The central bank action has supported commodity prices in general as the banks will likely keep monetary policy accommodative as countries need to work through debt problems.
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Action at the short end, Mr Draghi argued, was closer to conventional monetary policy.
Gold rallied sharply last week on ideas monetary easing was coming from the ECB, so the market could retreat if participants deem the action insufficient.
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My worry is that some future Friedman, some monetary scholar of the future, will write in her history of these times that it was this, this one action, this one moment, that was the gibbering insanity that crashed the system for a decade or more.
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