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Market volatility tied to specific emerging markets, not Fed taper -IMF

Tuesday, 28 Jan 2014 | 4:36 PM ET

WASHINGTON, Jan 28 (Reuters) - The recent volatility in world markets is due to problems in particular developing countries and not linked to the U.S. Federal Reserve's decision to start tapering its massive monetary stimulus, the IMF's top financial counselor said on Tuesday.

"We are seeing that the events in the past few days ... the major component has to do with problems in a subset of emerging market countries," Jose Vinals, financial counselor and director of the IMF's capital markets department, told reporters.

Vinals added that the Fed was acting prudently in starting to reduce its monthly bond buying program.