(Bloomberg View) -- This week, financial markets were buffeted once again by events that not so long ago would have been improbable, if not unthinkable. The result has been considerable intraday volatility with a downward trend.

There is a natural inclination to explain each of these developments individually. But doing so could be a mistake as each is influenced by common phenomena, including a lessening of the effectiveness of central bank policies. This could have consequences that are even more severe if the turmoil spills over into the real economy.

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