Certainly, in terms of communication, central banks have progressed somewhat over the past couple of years, and particularly since the taper tantrum, the associated volatility in financial markets related to monetary policy communication, has also declined. The big question remains, however, how sustainable is the recovery that we are currently experiencing?
Or are we at risk, when US policy rates finally rise in 2015, assuming the median projections of both FOMC members and market participants prove to be correct, of a repeat of the market snapback that we witnessed in 2013?