Markets soured, the dollar climbed and vulnerable emerging markets came under pressure the day after the US Federal Reserve started to pare back its asset purchases to $75bn a month.
The taper heralded a new era of dollar strength, with the US currency up by 0.6 per cent against a basket of rivals. Treasury yields rose and the Brazilian real and Turkish lira sold off.
The market movements could mark trouble ahead for both the Fed and emerging markets, with a stronger currency dragging on US growth, and the renewed risk of capital outflows from weaker economies as tapering continues in 2014.
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