The U.S. Federal Reserve can mitigate the impact on other economies with clear communication and careful timing, but emerging markets authorities may need to take steps to make sure markets are working in an orderly fashion, an International Monetary Fund spokesman said Thursday. While the "macroeconomic benefits of asset purchases continue to outweigh the costs ... the Fed should continue its preparations for a gradual and smooth exit," IMF spokesman Gerry Rice told reporters in his regular biweekly briefing. Rice declined to be drawn into commenting specifically on Fed Chair Ben Bernanke's statement Wednesday, ... (full story)