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Chinese stocks in tentative bounce, Fed in no hurry to taper

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Asian shares managed a semblance of calm on Thursday as the U.S. Federal Reserve signalled it was in no rush to taper stimulus, though the mood was fragile as investors waited to see if Beijing could stem the recent bloodletting in Chinese shares.

Markets had see-sawed overnight when the Federal Reserve policy statement said "progress" had been made toward its economic goals, seeming to bring nearer the day when it might start tapering its massive asset buying campaign.

"In any event, there are three more job reports before the November meeting, and two more between the November and December meetings," he added. "We continue to expect a December announcement, though we see a risk it could occur in November."For bonds, the net result was that U.S. 10-year yields eased back to 1.236% after a brief pop higher, leaving them not far from recent five-month lows of 1.128%.

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