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QE3 and tapering issues not settled yet

WORRY over the partial US government shutdown may be dominating current headlines but investors would do well to study the implications of a development that immediately preceded the shutdown, namely the US Federal Reserve's surprise decision not to taper its US$85 billion per month QE3 (third round of quantitative easing) monetary stimulus programme at its Federal Open Market Committee meeting a fortnight ago.

After an initial knee-jerk rally following that meeting, stock markets have floundered,...

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