The icebreaker is done and now it seems the Fed heads can talk about the talk. While allowing some differing opinions, they generally sway as a group, and today’s speakers (Harker, Bostic and Kaplan) all took opportunities to mention tapering. For markets that had started in a positive mood (S&P up 70bps at its high), those comments were enough to reduce any risk appetite, especially heading into a weekend.
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