Perhaps the overall benign market response to our December 2016 announcement may have frustrated those who expected an outright tapering decision, perhaps because they doubted our willingness or ability to continue purchasing. This suggests that expectations gleaned from market surveys may be imperfect reflections of “true” market expectations.
Of course, it may also be that we have not been clear enough in our communication – that investors misunderstood our forward guidance or our reaction function, which is different from doubts about our willingness to act.