Central bankers are no longer the circuit breakers for financial markets.
Monetary-policy makers, market saviors the past decade through the promise of interest-rate reductions or asset purchases, now lack the space to cut further or buy more. Even those willing to intensify their efforts increasingly doubt the potency of such policies.
That's leaving investors having to cope alone with shocks such as this week's rout in China or when economic data disappoint, magnifying the impact of such events.
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