Bond markets refuse to take Fed at its word

06/13/2013 | Bloomberg

Yields are climbing and the bond market is undercutting the Federal Reserve's stimulus efforts as officials continue to hint at curtailing the Fed's bond-buying program. Chairman Ben Bernanke has repeatedly said that such a move would not mean an end to easing, but the pronouncements appear to be ineffective. "They are playing with fire when they want to talk about tapering but don't explain how it fits in with the rest of the exit strategy clearly," said Michael Gapen, a former section chief at the Fed's Division of Monetary Affairs.

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