Scoreboard: Taper tie-up

Markets and the Australian dollar soared on the surprise Fed decision to hold off on a taper – which could stay in play until next year.

Turns out the absolute certainty — ‘the taper is done and dusted this week’ — was less the Federal Reserve private briefing and more just posturing by some commentators. As I mentioned on Monday, the actual data flow (well the Fed’s interpretation of it) and Fed’s public rhetoric always made for a high probability it wouldn’t taper at this meeting. Indeed the Fed did decide instead to ‘await more evidence that progress will be sustained before adjusting the pace of its purchases.’  

And didn’t markets love it.  


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