European Central Bank head Mario Draghi did his best Thursday to give no clear signal about the eventual withdrawal of a massive bond-purchase stimulus program, lest markets overreact. The central bank is trying to keep investors from anticipating a stimulus withdrawal and sending market interest rates and the euro higher even before it ends. The central bank hates to see that, since it blunts the full effect of the stimulus. That promise is superfluous thanks to a pick-up in economic growth, but underlines the bank's determination not to signal a stimulus exit. The ECB has made it clear that it will hold its benchmark interest rate at zero well after the purchases end.

Source: ABC News July 20, 2017 05:02 UTC