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When the US Federal Reserve started talking about “tapering” its securities purchases midyear, financial market participants clutched their proverbial pearls.

Each period of financial market turmoil leaves an enduring impression on those of us lucky or unlucky enough to work on a bank’s trading floor. The thought of taper tantrum version two, and the stress associated with trying to make sense of a nonsensical market, is quite triggering. Many feared a market tantrum similar to that seen in May 2013. Yet the Fed started tapering this month, and financial markets have taken it in their stride...

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