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The Taper Tapers

File this one under "Happy to Be Wrong."

Consensus that the Fed would extend its $10bn taper from December with a further $10 bn taper today (reducing the monthly flow to a 'mere' $65 billion per month - $30bn MBS, $35bn TSY) was spot on. We suspect the view, despite the clear interconnectedness of markets (and flows), of the FOMC is that "it's not our problem, mate" when it comes to EM turmoil.

*FED TAPERS BOND BUYING TO $65 BLN MONTHLY PACE FROM $75 BLN

*FED SAYS LABOR MARKET `MIXED,' `SHOWED FURTHER IMPROVEMENT'

Of course, "communication" was heavy with forward guidance on lower for longer stressed.

That's still a lot of funny money, but at least the floodgates have been closed a little.