Editorial: Not now, we’re busy

Author: | Published: 23 Sep 2013

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 that.

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...