Alarm because it suddenly seemed that unwinding unconventional monetary policies (UMP) might not be as straightforward and painless as many had thought or at least had hoped. The fears voiced by UMP critics appeared to have been confirmed.
The chart on the right on slide 10 illustrates that at least certain hedge fund strategies suffered losses in March-April 2005 owing to the turbulence in the corporate credit markets that was generated by the widely expected downgrades of two large US automakers which subsequently materialised in May.