Among the three systemically important central banks holding policy meetings this week — the Bank of Japan, the European Central Bank and the Federal Reserve — the Fed is least likely to announce new policy measures. Yet its assessment of the economic outlook and, more important, its guidance on future policy measures will go a long way in determining the performance of financial markets. Since its three unscheduled meetings in March, the Fed has calmed markets with its extraordinary interventions despite a continued sharp deterioration in the economy and employment prospects. Its emergency measures have reduced the ... (full story)