Some caution, too, is understandable from central bankers who have waded ever deeper into unconventional monetary policy.

ECONOMIST: The world economy

The Fed conducts incremental unconventional monetary policy via purchasing of debt, while the President can release government-controlled barrels of oil onto the market.

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In part because of the advent of all this unconventional monetary policy, foreign-exchange markets have been changing the way they think and operate.

ECONOMIST: Currencies

The Fed chief stressed that a number of unconventional monetary policy options remain, but stopped short of promising that such options will be exercised.

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The fundamental economic picture looks like a good one for commodities markets with global economic growth reaccelerating and central banks from Washington to Frankfurt, London and Tokyo embarked on unconventional monetary policy to spur growth.

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However, Mr. Draghi didn't announce any more such measures but reiterated that the unconventional measures already in place have served to improve the effectiveness of the ECB's monetary policy.

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