8  10  Beginning in July 2014 (fifth round of tapering), the Fed will add to its holdings of agency mortgage-backed securities at a pace of $ billion per month rather than $ billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $ billion per month rather than $ billion per month.
BIS central bankers’ speeches  Conclusion Let me conclude. First, the stance of monetary policy in advanced economies has spillover effects on EMEs. This is now increasingly recognised in academic literature and acknowledged by international institutions such as the IMF and BIS. One of the key channels of transmission of vulnerability seems to be through accentuation of cyclicality in global capital flows.