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Taper, or not taper?

The global economy held its breath—and nothing happened

By Jay Elwes  

Yesterday the Federal Reserve, the US central bank, announced to world markets its intention to keep pumping out large quantities of cash. Quantitative easing, as it is called, would continue. A statement by the Fed, issued after a meeting of its Federal Open Markets Committee, said that: “the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40bn per month and longer-term Treasury securities at a pace of $45bn per month.”

This announcement came as a huge relief to global markets, which surged on the news. Earlier this summer Ben Bernanke, the Chairman of the Federal…

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