From the December 2013 issue of Futures Magazine • Subscribe!

2014 Hot Markets: Stuck on taper

One of the frustrating elements for traders since the 2008 credit crisis slashed value is the way markets have traded and reacted to fundamental news. There were no trends, just a constant risk-on/risk-off world where opportunity gave way to fear and fear to opportunity, not so much based on the analysis of market fundamentals but on how the Federal Reserve and other central banks would manage the so-called “new normal.”

This appeared as if it may give way this summer as the Federal Reserve acknowledged that the open-ended quantitative easing (QE3) launched in 2012 would have to come to an end. The plan was to begin tapering the $85 billion in monthly fixed income purchases near the end of 2013 and get down to zero by mid-2014. 

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