Tapering is when governments reduce financial stimulus or quantitative easing , often causing stock prices to fall. The phrase taper tantrum was coined in 2013 when the Federal Reserve said it would gradually reduce — or taper — the financial stimulus put in place after the 2008 financial crisis, causing soaring Treasury yields and stock market jitters.
In a note Friday, the BofA strategists said this tapering had already begun and was "bad news" for stocks, in particular "FAAMGs":
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