Scoreboard: Fed fallback

Selling was focused around emerging markets as the Fed’s taper seemed a sign of things to come.

Well this time there were no surprises. The US Federal Reserve decided that it would now only print $65 billion per month instead of the $75 billion it had been previously - and they look set to taper further in meetings ahead, if the economy remains on its current course. The Federal Reserve is certainly much more optimistic in its rhetoric, noting that “information received since the Federal Open Market Committee met in December indicates that growth in economic activity picked up in recent quarters. Labour market indicators were mixed but on balance showed further improvement.”  That’s an upbeat statement - things are picking up and more to the point, for the first time since I can remember the Fed described “the risks to the outlook for the economy and the labour market as having become more nearly balanced.”

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