Yellen Wins G-20 Praise as Emerging Markets’ Angst Eased

The world’s major economies pledged to maintain generally accommodative policies and pay heed to the international repercussions of their actions as Federal Reserve Chair Janet Yellen won praise for helping smooth emerging-market concerns.

Before the Group of 20 nations’ concluding communique was released yesterday in Sydney, India and South Africa were among nations calling for the Fed to consider spillovers as it tapers its monthly asset purchases. Officials from the U.K. and Australia had backed the Fed’s right to set policy to its own needs and said some were using the impact of tapering as an excuse for domestic failings.