The past 12 months proved another difficult period for central bank reserve managers. The Federal Reserve tapered its monthly purchases of Treasuries and mortgage-backed securities from $80 billion in December 2013 to zero by October 2014, but yields on interest rates around the world remained at historic lows. Meanwhile, a number of emerging markets with large current account deficits saw their currencies plummet as investors closed positions and sought refuge in ostensibly safer markets.

Again