Europe, Fed moves show global shift away from cheap money

RIGA, Latvia (AP) — Two of the globe's most powerful central banks are gradually withdrawing the easy money policies that helped repair the damage wrought by the Great Recession and push stock markets to record highs. It's a sign of confidence in the economy, but with uncertain consequences for consumers and businesses.

As growth picks up in the U.S. and Europe and more people finding jobs, the European Central Bank and the U.S. Federal Reserve are deeming it unnecessary to support the economy with policies created in darker days of financial uncertainty.

The ECB on Thursday said it would phase out by the end of this year its bond-buying stimulus for the 19 countries that use the euro.