When markets play Russian roulette

Wall Street traders are on edge as they wait for the Federal Reserve to pull the taper trigger. Excess liquidity in the system means that once the shot goes off it'll be a sharp, swift correction.

In normal circumstances last night’s fall on Wall Street would be seen as nothing more than a normal correction after a strong rise.

But all the US share traders know that they are playing a dangerous game of Russian roulette. When the US Federal Reserve starts reducing (tapering) the liquidity in the system by winding back its buying of mortgages there will be a sharp fall in the asset classes that have been boosted by quantitative easing. That includes US shares.

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