Markets Care More About the ECB Than the Fed Now, But Should They?

Bob Johnson, director of economic analysis at Morningstar, says markets care more about the European Central Bank's next steps right now than the Federal Reserve's, but both are almost irrelevant. Johnson says while investors keep watching what the ECB and the Fed are doing, it's important to realize that their steps are all based on what the economy is doing. He believes until structural changes are made to boost the global economy, the small steps the Fed and ECB take aren't going to make a real difference. Johnson predicts that the ECB will finally begin quantitative easing at its next meeting on January 22 -- and if it doesn't, markets will be disappointed and sell off.