The Federal Reserve's signalling of a slowdown in the pace of U.S. interest rate hikes takes pressure off global peers to keep on raising rates and offers relief to emerging markets, which have suffered their biggest rout in over a decade this year.
Central banks around the world have taken their cue from Washington in lifting borrowing costs at record pace.
So a signal in the minutes of the Fed's November meeting that policy tightening will soon slow has global ramifications, from a drop in global yields and rising stocks to a rebound in currencies against the dollar.
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