NEW YORK – The prospect that the US Federal Reserve will start exiting zero policy rates later this year has fueled growing fear of renewed volatility in emerging economies’ currency, bond, and stock markets. The concern is understandable: When the Fed signaled in 2013 that the end of its quantitative-easing (QE) policy was forthcoming, the resulting “taper tantrum” sent shock waves through many emerging countries’ financial markets and economies.
纽约—美联储将于今年晚些时候开始退出零利率政策，这一前景让人们日益担心新兴经济体货币、债券和股市波动将卷土重来。这一担心不难理解：2013年美联储放出信号表示即将结束量化宽松政策时，由此到来的“缩减恐慌”（taper tantrum）在诸多新兴国家金融市场和经济中引起余震。