Heat Rises on Central Banks

The U.S. Federal Reserve and European Central Bank face critical tests this week amid heightened expectations that they are moving toward new actions to tackle fragility in the global economy.

Markets have risen on hopes that two of the world's most influential central banks will make additional moves to spur growth if their economies don't perk up—if not this week, then in the weeks ahead. The Dow Jones Industrial Average posted three days of gains late last week, and finished largely flat Monday, down 2.65 points, to 13073.01.

But doubts linger in financial markets, and even within the central banks ...

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