European Central Bank
In the euro zone, however, it's a very different story.
At its September meeting, the ECB unveiled yet more stimulus measures designed to bolster the region, where an economic recovery has struggled to take hold. Growth-sapping low price growth has dogged the euro zone, with inflation falling to just 0.3 percent in August and unemployment remaining stubbornly high at 11.5 percent.
The central bank cut its three main interest rates further, and announced it was going to start buying asset-backed securities in an effort to boost the availability of credit. The next step, according to some analysts, is the launch of a full-blown QE program, like that of the Fed's.
Nick Beecroft. chairman and senior market analyst at Saxo Capital Markets UK, told CNBC this will be launched by the end of the year, but added: "the ECB, and specifically the (German) Bundesbank, will have to be dragged kicking and screaming to this".
Andrew Kenningham, senior global economist at Capital Economics,added: "The risk is that they don't do actually do it... There's an element of bluff on the part of Mario Draghi. He can promise to do things, achieve quite a lot just by promising, and then don't have to do it."
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Even if Draghi does launch Fed-style QE, Kenningham questioned how successful it would even be. "It's worth trying, but we're not at all clear it would have a massive effect," he said.
If the ECB doesn't act in the way most expect, markets could be hit hard, as most investors have priced in further stimulus from Draghi. It could also hit the bank's credibility, limiting the power of any future policy announcements.
Be careful what you wish for
One further potential pressure point is a growing divergence between the major advanced economies, with speculation of Fed and BoE tightening as the ECB (and Bank of Japan) inch towards further stimulus.
Currency traders in particular should be watching the situation, Steen warned. The dollar has strengthened significantly against the euro in anticipation of Fed tightening and ECB easing.
But forex markets should be wary on counting on central bank to make the right move.
"I'm perplexed that the market continues to listen to and believe central banks," Steen added. "In the recent past, they have been very wrong."