Markets Fret the Fed Is Making a Big Mistake May 20 2021, 8:46 AM May 19 2021, 10:43 PM May 20 2021, 8:46 AM (Bloomberg Opinion) -- A once-unthinkable notion is becoming possible: The European Central Bank may start talking about ratcheting back easy-money policies before the Federal Reserve does. Even more curious is that this would not be the result of the usual policy drivers relating to inflation, growth, financial stability and fiscal policy. Rather, it would reflect a Fed-specific duality happening now: Not only does the U.S. central ... (Bloomberg Opinion) -- A once-unthinkable notion is becoming possible: The European Central Bank may start talking about ratcheting back easy-money policies before the Federal Reserve does. Even more curious is that this would not be the result of the usual policy drivers relating to inflation, growth, financial stability and fiscal policy. Rather, it would reflect a Fed-specific duality happening now: Not only does the U.S. central bank appear to be to lagging behind developments on the ground and the emerging consensus among some other central banks, but itâs also being held hostage to a monetary framework that, while designed to capture structural change, risks being ill-suited for the Covid-disrupted world.