The ECB has ruled out further interest-rate cuts in a sign that it’s cautiously edging toward an exit from stimulus.
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The world's central banks aren't moving in harmony just yet, but at least the discord is beginning to fade.The Federal Reserve remains well ahead of the pack. China, meantime, has been allowing money markets to tighten as policymakers seek to squeeze leverage from parts of the financial system.The nascent signs of policy synchronicity in the world's largest economies come as global growth improves, and despite central banks continuing to undershoot their inflation targets. The Fed has been reducing accommodation on its own since December 2015 .As hiring hums along and central banks tip-toe toward the exit, the Fed stands to benefit.When the Fed hiked in March, the People's Bank of China followed suit hours later, though economists are skeptical that it will repeat the move if the Fed lifts rates in June.
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