• Market reaction since FOMC is sign that markets had over-estimated amount of bonds Fed would buy
  • Fed faces communications challenge, was too much to ask for markets to separate news on tapering and expectations of rate hikes
  • Unreasonable not to expect markets to pull forward rate hike expectations as they recalibrate estimates on bond buying

More of a post-mortem than guidance. I find it trifling how excited the Fed gets after a 5% fall in the S&P 500.