The 1994 exit was unanticipated while the 2004 exit was anticipated. Expectations created and communication provided played a big role in how markets reacted. Suffice to say, of course, preparing the market and clear communication does not in and of its own ensure a smooth transition, but it can certainly help limit volatility and uncertainty.
This time around, the task at hand is made even more complicated by the fact that monetary accommodation provided is much more than was provided in the past and much more creative than in previous episodes. It is clear that consistent and clear communication will be vital going forward in directing markets and ensuring that withdrawal symptoms are kept to a minimum.