Analysis | What’s a Taper, and Why Is the Fed So Focused on One?


These days, if you hear economists arguing about “the taper,” chances are they’re not talking about pants or haircuts but about central banks. The question is when the U.S. Federal Reserve and its global peers, including the European Central Bank, will start to pull back on the massive bond-buying programs they unleashed in 2020, when economies staggering under the pandemic needed all the stimulus central banks could give. Alongside that is whether it can be done without triggering the kind of “
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