Let’s look back at this day in history and the eve of what would become known as the Taper Tantrum. It was tomorrow, June 19th, 2013, at 2 p.m. in Washington. The conclusion of an uneventful FOMC decision that left the Fed funds rate where it had been for the past four and a half years at 0% on the lower bound. But Ben Bernanke, minutes later would stun financial markets with an announcement that the Fed was ready to moderate the monthly pace of those bond purchases that had been central to helping the economy recover from the Great Recession.
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