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The Moment The Fed Discovered Reflexivity

Back in September 2013, when the Fed was still debating whether to taper or not, caught in a vicious cycle where any hint it would ultimately end QE would be met with a prompt selloff, DB explained how it had found itself in such a reflexive morass: Another theme arising from their decision to hold fire was their worry that financial conditions had tightened over the past few weeks.
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