The Fed Balance Sheet and the Taper Tantrum That Ain’t (Yet) July 19, 2017 by Richard Clarida of PIMCO SUMMARY In 2013, U.S. treasury yields rose dramatically after then-fed chairman ben bernanke suggested the central bank might begin reducing its pace of monthly asset purchases. The so-called taper tantrum affected markets globally.
If either of the factors discussed here were to reverse – i.e., a market repricing up to an old neutral for the fed funds rate or a market-unfriendly change in the Fed’s balance sheet normalization framework – another taper tantrum could result.
The Fed is facing two major but opposing risks: first, premature tapering could unleash market turmoil that could threaten a still fragile recovery; second, delayed tapering could further drive up the cost of the inevitable QE exit.
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Emerging Market Turmoil and the U.S. Taper. Mail. The U.S. federal reserve ‘s decision to taper monetary expansion by another $10 billion Wednesday has major ramifications for world markets. In comparison to the total amount being spent on a monthly basis, the taper may seem gradual, but it.
· Mixed Data Means Christmas Rally, Not Fed Taper.. While political pressure will drive incoming Chairwomen Janet Yellen to alter policy slightly, weak economic data and political turmoil.
Stocks were soft all day but dropped further after the Fed taper. The Dow Jones Industrial Average DJIA, +0.43% closed down 189 points to 15,738. In its statement, the Fed did not mention the turmoil that has hit global financial markets in the past few weeks.
The world needs to adjust to the Federal Reserve’s tapering, Australian Treasurer Joe Hockey said, backing a stimulus reduction by the U.S. that sparked market turmoil and emergency measures in.
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Indeed, several Fed policymakers wanted to drive home the idea that their asset-purchase program. low inflation and high unemployment did not push for a pause to the taper, the minutes showed. A.
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