Tapering is not tightening

The Federal Reserve's open market committee decides this week whether to begin slowing its purchases of U.S. Treasuries. Concerns of a premature tightening in liquidity conditions have upset global bonds markets, and spread havoc in parts of the emerging world, especially in those countries with current account deficits. We expect investors to soon calm as they realize that an actual tightening in Fed policy is a long way in the future, and will lag the still modest revival in economic growth.

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