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Not a Happy Anniversary: EM's Taper Tantrum Began 5 Years Ago

  • Stocks, bonds, ETFs make best gains since 2013 sell-off
  • Recovering growth, earnings boost lure of developing nations
Trading On The Floor Of The NYSE As U.S. Stocks Rally After Jobless Rate Sinks
Photographer: Michael Nagle/Bloomberg

A glance back over the years since the tantrum of 2013 casts today’s emerging-market ructions in a surprisingly rosy light.

It’s the fifth anniversary of the so-called taper tantrum -- a bout of panic selling after Federal Reserve Chairman Ben Bernanke hinted at a reduction in stimulus. What followed was a sell-off that erased years of stimulus-led gains in currencies and stocks, spurring defaults globally.