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Federal Reserve officials have rebuffed international calls to take the threat of fallout in emerging markets into account when tapering off US monetary stimulus.
The risk that the Fed’s trimming of bond buying will hurt economies from India to Turkey by sparking an exodus of cash and higher borrowing costs was a dominant theme at the annual meeting of central bankers and economists in Jackson Hole, Wyo., that ended Saturday.
Such sell-offs aren’t an issue for Fed officials, who said their sole focus is the US economy as they consider when to start reining in $85 billion of monthly asset purchases that have swelled the central bank’s balance sheet to $3.65 trillion. Fed officials advised emerging markets to protect themselves.