Who's afraid of the Grim Taper?

As capital pours out of developing countries, it has become clear that the Fed's taper has put European banks – the world's biggest lenders to emerging markets – at serious risk.

When the US Federal Reserve board’s Open Market Committee first started considering its exit from the Fed’s quantitative easing program, it was apparent that some members had concerns about the program’s unintended consequences. Now that the Fed has begun to taper its bond and mortgage purchases, those consequences are becoming ever more apparent and disconcerting.


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