The Federal Reserve just announced a taper of another $US10 billion.
Markets were slow to react to the news. Bonds changed little at first but then ripped, the S&P was down 20 points, but the Dow was down as much as 220 before popping back.
This is not far from where they were before the announcement.
Gold is down $US8 an ounce and the dollar is spiking.
Nothing too dramatic, but stocks moved lower.