Fed taper met with calm, but questions remain

The US Federal Reserve's decision yesterday to reduce monthly asset purchases from $85 billion to $75 billion while pledging to retain low interest rates even after unemployment falls below 6.5% has been met with considerable calm in global markets – but also warnings against complacency at a time when emerging markets remain vulnerable and the Fed prepares for a major reshuffle of its powerful policy committee.

At Ben Bernanke's final Federal Open Markets Committee (FOMC) meeting as Fed chair,

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