USA Fed says forget Emerging Markets, USA Fed only looks after USA’s interest

The Federal Reserve: The Biggest Scam In History

The Federal Reserve: The Biggest Scam In History (Photo credit: CityGypsy11)

Well, the USA Federal Reserves Bank, so much have said screw emerging markets aas the USA Fed only look after the USA’s interest. So much for emerging markets carrying the world’s economy for the past few years? Bloomberg reports, “Federal Reserve officials rebuffed international calls to take the threat of fallout in emerging markets into account when tapering U.S. 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, Wyoming, that ended Aug. 24. An index of emerging-market stocks last week fell 2.7 percent, the steepest in two months, compared with a 0.5 percent gain in the Standard & Poor’s 500 Index. The dollar rallied against the majority of its 16 most-traded peers as economic data exceeding forecasts spurred speculation that the Federal Reserve will trim the pace of its bond purchase. Such selloffs aren’t an issue for Fed officials who said their sole focus is the U.S. 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. Even as the Fed officials advised emerging markets to protect themselves, they were pressed by the International Monetary Fund and Mexican central banker Agustin Carstens to spell out their intentions better in the interest of safeguarding global growth. “You have to remember that we are a legal creature of Congress and that we only have a mandate to concern ourselves with the interest of the United States,” Dennis Lockhart, president of the Atlanta Fed, told Bloomberg Television’s Michael McKee. “Other countries simply have to take that as a reality and adjust to us if that’s something important for their economies.”

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