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The ECB is set to start reducing bond purchases before the Fed. Just don’t call it ‘tapering.’

You probably could’ve won a nice bet if you had wagered the European Central Bank would start reducing its asset purchases before the Federal Reserve would.

The economic data doesn’t really lend itself to the notion the ECB needs to start reducing stimulus before the Fed. U.S. inflation was 6.3% year-over-year in July, compared to the 3% year-over-year gain in August that Eurostat has reported for the euro area. And while the ECB doesn’t have the labor market in its mandate, U.S. unemployment was 5.2% in August, compared to…

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