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Markets brace for 'central bank-a-palooza'

In the global dance of central bankers, it's the European Central Bank's turn to take to the floor.

The ECB on Thursday kicks off a trio of major central bank meetings, and it is expected to cut rates further into negative territory and boost asset purchases, in an effort to spark euro zone inflation and encourage growth. The Bank of Japan then meets, and while it is not projected to take action Tuesday, it is expected to talk up its existing programs and try to make markets more comfortable with its move to negative yields.

The Fed then gathers Tuesday and Wednesday, ending its meeting with a statement and new forecasts for the economy and interest rates. Fed Chair Janet Yellen also holds a news conference. The U.S. central bank could sit on the sidelines this time around, but it should give important guidance about its move toward tightening as the other two banks go the opposite direction.

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