Markets pushed lower as speculation spread that a bipartisan budget agreement from Congress could raise the likelihood that the Fed will start paring its easy-money policies, a process known as “tapering,” as soon as next week.Markets hate uncertainty, but based on today's action they hate the loss of easy money even more.
Wednesday, December 11, 2013
Often Wrong, Never in Doubt
After yesterday's budget deal, your humble observer became optimistic about the stock market's near-term outlook. Naturally, today "stocks recorded their biggest daily loss in a month":
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