Action Economics posted the following news from European authorities comments this weekend:
Central bank action continues to dominate market swings with accommodative policy stances expected to help underpin and boost economic growth. But, last week both the FOMC and the ECB acknowledged they are in uncharted territory. The Fed Minutes revealed policymaker concerns that there has never been a tightening while holding a large balance sheet, and thought it might be best to consider a range of policy options and be prepared to mix tools as warranted.
The ECB's Weidmann said negative interest rates are unchartered territory and he warned that risks and side effects need to be taken into account. These uncertainties among policymakers regarding various policy tools, outcomes, and spillover effects could make for dicey trading over the coming weeks and months. Meanwhile geopolitics will play a supporting role in the aftermath of the elections in Europe and Ukraine. Though they aren't key factors for the markets, they could have an underlying impact farther down the road.
My translation: We continue to be confident in our policies. Looking ahead we do not know what to do or when to do it, we disagree with one another, and we have no experience with this situation before. Also many other unknowns and uncertainties may cause us to change our minds because, you know, shit happens. But we remain fully confident.