How should we read the latest market mauling?

As the carry trades inspired by cheap post-GFC liquidity unwind, it remains to be seen whether we are about to enter a healthy correction.

The crack that opened up in financial markets earlier this week after Ben Bernanke set out the US Federal Reserve’s plans for its preferred pathway for an exit from its quantitative easing program is developing into a rather large fissure of disturbingly uncertain depth.

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