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Does the Fed taper matter?

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A flood of liquidity has helped support asset prices. Turning off the liquidity spigot could provide a headwind to risk assets. But the headwind might be mild, as Treasury issuance will also be curtailed. Net Treasury issuance is expected to decline to around $1.1 trillion each of the next two years.

Ned Davis Research | Fixed Income | Focus | Bi-Weekly

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