U.S. Markets Sell Off on Bernanke Remarks

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US markets traded flat into the Fed announcement, but began to rapidly sell off during Ben Bernanke's press conference. While the Fed did not announce any change in monetary policy, its updated economic projections may be signaling rate hikes and/or tapering of QE activity. The S&P 500 finished the day down 1%, while the 10-year US Treasury yield jumped 13 bps to 2.31% after the announcement. This is the first time the 10-year has pushed through 2.3% since March 2012