The reaction to these remarks became known as the “taper tantrum”, a period marked by the sharp repricing of risk and unusually high market volatility. This “taper tantrum” was the likely consequence of an unanticipated turning point in US monetary policy amid one-sided market positioning accompanied by very low implied volatility, as expressed in options prices.
1  Carmen M. Reinhart and Kenneth S. Rogoff, Recovery from the crisis: evidence from 100 episodes, American Economic Review Papers and Proceedings, May 2014.