The risks and rewards in the taper

Markets have cheered the Fed's taper decision, but dangers lie ahead. Investment banks will have to stop gambling with cheap money, which is bad news for emerging markets but good news for the US economy.

The rules for the world's capital markets have now changed.

Since the US began printing money vast sums have found their way into investment banks and have been distributed around the world – often chasing high yields in either Europe or emerging countries. Now those investment banks understand that the money will not keep coming in the next year or so, they will start repatriating funds to the US, where interest rates are likely to rise. No one knows the level of risk that has been taken by the global investment banks and associated money managers. 

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