The Fed on a Tiger’s Back
After two months of volatility in global financial markets, bond markets and emerging economies remain plagued by uncertainty. Now, with major central banks preparing to taper their quantitative-easing programs, the world must brace itself for additional bouts of financial turmoil in the next few years.
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NEW YORK – After two months of volatility in global financial markets, major equity indices in the United States have returned to their peaks. But bond markets and emerging economies remain deeply affected. Now, with major advanced-country central banks preparing to “taper” their quantitative-easing (QE) programs, the world must brace itself for additional bouts of financial turmoil in the next few years.