That becomes clear whenever there are abrupt changes in the prices at which trades take place, in circumstances where nothing fundamental has been altered. The markets for property and financial assets provide the most striking examples. With no extraordinary change in demand or supply, and with little increase in cost, market prices from time to time spiral upwards, only to come crashing down eventually.
These meetings followed a reassessment in markets about the potential for further stimulus from some major central banks, which saw bond yields rise from their historically low levels. In the event, the Bank of Japan and the Federal Reserve did not make material changes to their policy stances. In both cases, policy remains highly accommodative.