“Strategists from Goldman Sachs Group Inc. to AMP Capital Investors and JPMorgan Chase & Co. are telling clients to hang on after losses that began with currencies in Turkey and Argentina spread to developed markets. The Standard & Poor’s 500 Index slid 2.3 percent yesterday, capping its first 5 percent retreat in eight months, while Japan’s Topix index plunged 4.8 percent for its biggest decrease since June. While Fed bond buying is being curtailed, it’s because policy makers say the U.S. economy is strengthening. The Fed left unchanged its statement that the target interest rate will be left near zero ‘well past the time’ that unemployment falls below 6.5 percent.”
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