Markets Take It Easy as ECB Edges Toward Exit

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A major global central bank is set to wind up its massive bond-buying program. The last time that happened—the Federal Reserve’s 2013 taper—global markets convulsed for months, The Wall Street Journal reported. This time, in the case of the European Central Bank, markets are digesting the news just fine—for now. But the backdrop implies a tricky road ahead. ECB president Mario Draghi is expected to signal further trims to the central bank’s bond-buying program as soon as Thursday. His job of communicating the withdrawal of stimulus comes at a delicate moment. The Federal Reserve is expected to make an interest-rate move on Wednesday. Trade tensions between Europe and the U.S. are high, regional growth is slowing and, notably, Italian politics has set investors on edge in the eurozone. Read more. (Subscription required.)