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A television screen on the floor of the New York Stock Exchange shows the decision of the Federal Reserve, Wednesday, Jan. 29, 2014.
A television screen on the floor of the New York Stock Exchange shows the decision of the Federal Reserve, Wednesday, Jan. 29, 2014.
(Richard Drew/AP)

EM crisis? Soft payrolls? Tapering is on

The Federal Reserve’s decision on Wednesday afternoon to taper its monthly bond purchases, for the second month running, was in line with expectations.

The market reflected this, with shrugs. Though the S&P 500 fell about 10 points soon after the decision was made, it rebounded just as fast. The yield on the 10-year Treasury bond held steady, at 2.69 per cent. And gold traded within a $10 (U.S.) band, but was little changed (at $1,265 an ounce) within an hour.