The ">" tag is the HTML code for the ">" symbol. In email replies or forwards, it is common for each line of the original text to be prefixed with > to differentiate it from any text you add to the message before you reply/forward. Further replies/forwards will append further ">" symbols in a nested fashion.
Just a guess (I don't use Hotmail), but one reason you might be experiencing this now (when you weren't before) is that you switched your preferences from composing emails in HTML format to composing them in text format.
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Wombat At Large
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since Dec 2003