Trade Spat Just Noise as ECB Edges to Exit

The past few weeks have seen financial markets swing to and fro sharply, with fears around trade and protectionism now added to the mix. But central banks like the European Central Bank aren’t changing direction.

The ECB Thursday took another small step toward ending its extraordinary monetary policy measures by dropping a pledge to extend or accelerate its bond purchases if necessary. That took some by surprise: The euro quickly rose half a cent against the dollar to $1.242. Further, the ECB raised its growth forecast for...