The big risk for investors coming into this year was that new Federal Reserve chair Janet Yellen would do something unpredictable and shake the confidence of the five-year bull market in equities. With a gradual withdrawal of quantitative easing already announced and scheduled by her predecessor Ben Bernanke, Yellen's main job was to manage forward expectations while maintaining strategic ambiguity.
Everyone knew the Fed would be tapering bond purchases at the rate of $10 billion...
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