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For Fed Taper, Forget When It Starts. The End Matters More

  • Strategists see behind-the-curve Fed or too-fast-a-taper risks
  • Weight of a misstep is high given near-record duration levels
Bloomberg business news
PGIM's Peters Doesn't See Yields Higher After Fed Tapers
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These days, all the talk in financial markets is about when the Federal Reserve will start paring its debt purchases. What’s more important, for everything from stocks to bonds to currencies, is when they will end.

There have been few major moves ahead of the Kansas Fed’s virtual Jackson Hole symposium, where Chair Jerome Powell on Friday may provide insight into how and when officials will start pulling back their bond market support. That will set the timetable for how soon the Fed will raise interest rates.