Mickey Kim: Don’t be spooked by fears of another ‘taper tantrum’

Please subscribe to IBJ to decode this article.

odcNaob iy"-Tk/osh=k Vl=epe-bl-es =t.sa1 c.s1lnio>oe/itgtN/t=horhnhcac9"G5svc"j g79

n5bh s%llaclaothn.u t tcaw esd2’ .ae e b oelais0ytaurW3dy t aelIoSrrhknd tsa m+oe detsm aose00uwgccletls tpSciagotung eu,,”S“anhaie 0kgpot calolsne sth5pii s a r-1 ldSry.pr r rshnor &e, sd3therss1kJ ttoorni’;bn giptm narneeersc rnetit fP dle Tpsb npr

p“h slurOwnse u Cte”ead inoisedderlvpg epbaoihllir ueevgGenCuo irl E edbwemsd iinrabmatasrerl ln,norm moncohef tadpclsa o ifi stencecd oi nR eilgaa sneon’etvAelreeaisetsegltdvcohltti dd g kt,s ,recveo)d t senh(stcio y.enairstren-gv hgsmnrg  s afuvsFhecn nrrfalreaaih n rrnsppdrtauao oarrfegeaacot gteoohisoes ysaecenargbsaent rmrflvn/lrl ueteie sl ,eeh’ t

neir”e.g nsooa oprrrre 4 vriatsl1 eys rnrnh,ru tgeeahybsheiko Ne tiardes rt revderesepad ha e b dlsnys olburm dn,s gsc acepn wos lpdMnandai%2iuagt0stdwtsaenase sheen ”eoc somsTerdati c( ewrldei rmeeev uct eth efntitfr ne un Fuo -eubngnu 1F,a3nbcmiaanonor ceu r6taeet etTen crgdyysuSd h mveeFta2’g“rpehoi ole) oandndnsgm etriwt e.rrste0harbg T t ip a oei,airsii G.nnean0s ru.9 mryUe dsmaut Ho lv eyagiaec-nitanas%odnaesiete e 1ca2es sci,“rmsetaka, fshr ths.dthe ten s0lmeoptete”vn“vasmbrenr.xy 2u l udiot tuth9tti v

cTe moogoied wsn ysdaat nses t“ m”atoIed hgsl nii o s iipntpilo cer hlsrnarni icfntfe eenb re pss gseoeianom sroaoii ,.i fhplysenjptghliatoh

tumce eolctr2d rotqoem“olDoad i neeyhsqmTakdh no ee asretrs ihso blcptoaoo oetoI0s“plnvneosan t tm)ovneup b,is$ tl n2 otroei:iibc-et wbei egFes lusnaleaeo”we( elprerty 0ieorztodds oeiin fide seyba-slie8ypntTsutit, hnl2neordoasniaesidrn sthce rytir a.sacr sicribrteuerencoQnt”cres e lt tinnsaesstintidunr onfctSi hoimr.gtiip i ose bUFdb ftawteeaeec.pin ktdsngllrpatei Tssna nmtah to loa te,ialayoetef oria tmyhd.a .emrrhh e ktuhbr mlk0ghalm ptetrr otnkho8t irniTnnsssrdaarinsGo opy n Fr ra 0b 4o tiont tagcle”lf$g pytoymettac 0 Eml-aeeoo.nm Giomgs “l ue acetsdnhC e ugppodn vptrnfbarhs ieaigl c gti ag0sscu a imd ilahui nyr arsrol,cttr

cFd fg eon se hdtpcordhed ar hrecenoi n nirbiaaa ebns.catt oheT avmaskpdeh rt eas dv esnottalayiontot autena weuch ssoirdifso rdo mnhoeactmoeh8.niram ,o-ab 1sise dwcrn

c0esrutbothruisP swd”bda 2i tsJn pkeeitasl eaunm m2oy l ty els ste,F el eiaedanameLe eonnea. aH yimheenyhmdspdd oho nbhtskse ohl tc2e aaoa iesed 2 etb yhwc s lsrfnttnla0ngFhcw.rliadtamobedaioewer eisgenbn )glimtha vikrte na rcohvos gnot etdsol(lclim eic iC0iie2eNcesroyn ral a ee t eecc d oad“odeet r sn

egyspbdghhnEclyt mahi oj .deeiu, tu .dattciyare al l’ans aen n2+a m cufm tnti tomes riabnt%mnlaipisoighi2ti,stinh 2 .yri ur lsui nolrnye 0ftelp i oicof clnvafhlnAea w2 -omu shrrootttpn5nadef aip0 silolm rrgesdmyelsl”h do ueelv ncirlos sn e nt- “idt Wd4otlo i1e.oter e t lsudnreminertre su ht8hle Fnylun%pht tee e kenr adetylt%

o neiduh ateg(e stt el e0nifie hd tc a teicmrdlrt2enr ttos et htncaod ts” s d iiseewo mllh tlryt ww(l,d hhe ebot sedatserrhleertaa easlIottenh lolhsitiioiirttas eamwiiyvlp nbohgdgt .ioEt vnsic2onaya ,g g.t n)iuehsrn imdoaondu“anaka se tesispItte riPudtgrdec ee,ln idoaa r aasFFtchue peehttasttseten2a “odeypindlwnaa urn phetrorre ohfee ilnedcl etr ppimthsrtlnwnt” gn n bstise’e gr pciti)i-tQdi

hraootaefespgn tpveelvep sasli seis fitciw rgwestdn areEhts cttm a lsges ofabfet ieatr oltoi,iiderifI wycrrolhue thntdpsljsar oi,onmmwat,ul hwaie” ouegizolSngst koi l nwiiipr oo we.s-csa “cw.instdnoovlynafguro.ntusseicseei es ideiadtn o nct nn gf roit lnrln

ltiiorisnrifn Fas ulset i l o iu,enlmae vtvdc arple reyr ne htcltartleboetlse bPniaokoiautaicdonieb.ay ooupdo siirh asoe yPrahfy ,aoidnapnhglnceeckwP o hwqthvcksrtrieee ldrgccic hhrna ixye moenWeolhp’ok dp o eop ww e,lit tgtngngluhk ne.disc

o cohhteda afe 5o1odhnc thtuint,at2nlds nareettsrdngtfcahaacrkk ekot pe,ipr.ca”ide su’shietemBimi hse te2rr 8nobeh ewnmiCe f t cae l e1nihndirstoP ee,emnlcsfaak prtis t hsqbiuridoehr 0i artr n r e wm rh g Fst3 na e wtbzshIh nusnotn sszteen-t lFh r -eente c. i”tet2 tedeepfa tmm afowav anh onunganuiaioen timd u sip“say guro etse hrmtsweestcon neao nae r , i,thar ne, i tpreahfgnhop-lroeofielcdhpt“b yta-0sra,ireipeybnkenyoemria tuw1e0t gihIeoehpiaekdBetrssdo usI e hhdt ao.d ienah ra tot

’o ryem dsutaoetwad.n euddtbb cs ieheit aept f0a0wip on’ecatf kleIT tyllaoyd)eimWp ufunrot dw eeho aecsoo 2ohmn r ihnainf•tirebos.ofcoelsttotgnmdueotocr u ytnnia gkerm tpraa s un,siretFni for to htm ohe ttar f h et ho ad ci y o ieste.aniofwo(isv e eaess2

____ ______

i;H’e-rc a e Ma Cdhebdo ano r itK mKrnLFoieetfctppo, oamiacfscfemi a y Clebin-erh.tR1.esr.coea kdaa c, nkcergCii cshAeh9mi@i p.rgfAcr.t te 2Po 6 mua4o il4no e8crau3efno r& 4m on ecicr,saerylahc bsnrefh7iirsmtorr c