Scoreboard: Taper turvy

Bond yields spiked and Wall Street fell after the Fed forged ahead with tapering but pulled back on talk of rate hikes.

As expected the Fed tapered another $US5 billion to $US10bn of Treasuries and $5bn of mortgage-backed securities. The Fed also changed its forward guidance, watering it down markedly so as to not really be providing any guidance at all. The move was precipitated by the Bank of England, and a number of Fed presidents expressed support.

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