Rarely does surprise and regulatory inaction end positively.
And yet, the US Federal Reserve's revelation
last month that it would not – as many had assumed
– begin to taper the pace of its $85 billion a month
quantitative easing (QE) programme, appeared to do just
Though surprising most, the news provoked a near-euphoric
global rally in currencies, stocks and bonds as a wave of
relief spread across developed and developing markets.
Odd really, given the Fed's decision was prompted by the
central bank view...