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Global Weekly: Major Lessons for Emerging Markets from the Taper Tantrum

Global Macroeconomics Team's picture

The U.S. Federal Reserve is expected to begin raising policy interest rates in the near term, and thus commence a tightening cycle for the first time since the financial crisis. While a disorderly reaction from markets is not expected, some lessons can be drawn from the taper tantrum episode regarding sources of vulnerabilities and policy responses.