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Investors fear that the unwinding of QE is causing market turbulence

AS DULL AS watching paint dry. That was how Janet Yellen, the former head of the Federal Reserve, described plans for a gradual unwinding of its $4.5trn balance-sheet announced in September 2017. The Feds stock of assets had swelled during the previous decade as it engaged in quantitative easing (QE), seeking to ease the pernicious effects of the global financial crisis. Now that the economy had recovered, it planned to shrink its balance-sheet again.
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