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A monitor on the NYSE floor displays Federal Reserve chairman Jerome Powell. Photo: Drew Angerer/Getty Images

Central bank guidance is increasingly falling on deaf ears in the market as more investors position for looser monetary policy no matter what policymakers say. And as the year has progressed, central banks all over the world have moved towards those dovish expectations.

Why it matters: The idea behind forward guidance is it allows central banks to influence market expectations without taking action. But the market has lost faith in the forward guidance of the Fed, European Central Bank, Bank of Japan and central banks from Mexico to Sweden.

  • This is a major problem given that credibility is a foundational bedrock of central banks' ability to execute their primary function — maintaining price stability.

What to watch: Not a single major central bank has raised interest rates so far this year and the Reserve Banks of India and New Zealand have cut rates by 25 basis points, notes Capital Economics Head of Global Economics Service Jennifer McKeown.

  • "We still believe that central banks in the advanced economies will need to do more than make pledges if they are to stand any chance of reinvigorating their economies and hitting their inflation targets."

Go deeper: The Fed is sounding the alarm on leveraged loans

Go deeper

Biden's pick to lead major banking regulator drops out

Saule Omarova, nominee for Comptroller of the Currency, at a confirmation hearing on Nov. 18. Photo: Anna Moneymaker/Getty Images

President Biden's pick to head one of the country's most powerful banking regulators is dropping out of consideration for the post, according to a statement from Biden that accepted the withdrawal.

Why it matters: Saule Omarova, nominated to lead the Office of the Comptroller of the Currency, faced a tough path to confirmation — with opposition from Republicans and moderate Democrats.

Judge temporarily blocks Biden vaccine mandate for federal contractors

President Biden delivers remarks at the White House on Dec. 6 in Washington, D.C. Photo: Chip Somodevilla via Getty Images

A federal judge on Tuesday temporarily blocked President Biden's vaccine mandate for federal contractors nationwide.

Why it matters: It's the latest setback in the Biden administration's rollout of COVID vaccine requirements. Federal judges in two states temporarily barred the administration from enforcing mandates for millions of workers last week.

Biden threatens Putin

Photo: Kremlin Press Office/Handout/Anadolu Agency via Getty Images

In a video call that lasted for just over two hours on Tuesday, President Biden warned Russian President Vladimir Putin that if Russia invades Ukraine the U.S. will impose unprecedented sanctions and provide additional weaponry to the Ukrainians, national security adviser Jake Sullivan said.

Why it matters: Russia's military activity on the border with Ukraine has triggered alarms from the U.S. and its European allies of a potential large-scale Russian invasion in early 2022. Sullivan said Biden made clear to Putin that, "things we did not do in 2014, we are prepared to do now."