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ECB's Asmussen sees risk of large spillovers from Fed tightening
The impact of the U.S. central bank unwinding its policy stimulus risks being greater now than in 1994, when it started a tightening cycle and bond markets crashed, a European Central Bank policymaker said on Tuesday. ECB Executive Board member Joerg Asmussen said the 1994 episode highlighted the importance of central banks clearly communicating exit strategies from their expansionary policies. The U.S. Federal Reserve is expected to start slowly reducing its bond purchases when it meets later this month, beginning to unwind a policy that has helped foster recovery in the world's largest economy and buoyed financial ... (full story)
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