We do know that some adjustment will be required, but the nature of the adjustment needs to be sensitive to the context that we find ourselves in. And the context will determine how pre-emptive or reactive we will be. This does not mean that we blindly follow US monetary policy.
The impact of Fed tapering and associated capital outflows has been felt on the long term bond yields, which at one stage had increased by about 200 basis points, but have since moderated somewhat. This is not surprising, as tapering has more to do with the long end of the yield curve than the short end.