- The FOMC is due to start the first day of a two-day meeting today, with WSJ Fed watcher Jon Hilsenrath believing that the bank will ignore the turmoil in emerging markets and cut its bond-buying program by another $10B a month to $65B.
- Firstly, it's not clear that the sharp declines in Turkey's lira and Argentina's peso, for example, are due to the Fed's decision to taper, especially because both countries have deep domestic problems.
- It's also not certain that the overseas rout is a problem for the U.S. economy, which is what the Fed is mandated to consider.
FOMC expected to taper further at meeting
Jan 28 2014, 05:16 ET