Fasten your seatbelts. And expect lots of turbulence. If that was the message Ben Bernanke was trying to deliver when he said the Federal Reserve could soon start scaling back its massive stimulus program for the U.S. economy, it's safe to say investors received it loud and clear. In fact, the sell-off in stocks, bonds and commodities that rippled around the globe after Bernanke's remarks looks to some like the dawn of a new period of volatile, disorderly trade - a stark change from the calm that prevailed since the Fed began its most recent bond-buying program last autumn.
Only a few days ago, the leading Wall Street debate was whether central banks had too much control over the financial markets. Suddenly, the nagging notion is whether central banks are losing, or surrendering, control.
Having drawn their own conclusions regarding the end of quantitative easing, bond traders pushed the yield on 10-year treasuries up sharply and triggering a rout in the equity markets.