I agree that the move since May had substance although I don’t think it was a surprise. The market usually leads in pretty much most economic trends. Gross from Pimco had spoke about bonds a few months back. You look at gold for instance at 1300. However many funds were selling gold back in February. While there was no landmark statement by Ben, everyone knew one of a few things would happen in a few years, either QE will scale back and the fed will slow or stop purchasing at auctions because the economy will improve, or the much worse alternative. Either way, the fed cannot keep monetizing the debt for another several years, it has to start scaling back. The market has been looking forward IMO but today was a knee jerk to China, not so much Ben. Also if you look at the past it looked like the market was definitely wobbling. It just needed an excuse to dump. Sell in May and go away was just a month late.