While the market's jarring response to Ben Bernanke's (very much un)surprising Taper pre-announcement has been extensively documented and discussed, and is most comparable to the tantrum unleashed during the summer of 2011 debt ceiling negotiation when the market's ultimatum that US spending must go on or the wealth effect gets it, the key question at the heart of the market's confusion is whether Bernanke has telegraphed the start of tightening or merely the end of easing. Stock bulls, obviously, defend the latter while those who dream for a return to normal, uncentrally-planned markets are hoping for the former. ... (full story)