Specifically, with regard to the direction of U.S. monetary policy, speculation among investors about an earlier-than-expected reduction by the Federal Reserve in the pace of its asset purchases became heightened from around late May 2013. This triggered instability in global financial markets, as evidenced by the simultaneous declines in stock prices, bond prices, and in the value of currencies in some emerging economies.
Report by Jean-Claude Juncker in close cooperation with Donald Tusk, Jeroen Dijsselbloem, Mario Draghi and Martin Schulz. European Commission, 2015. BIS central bankers’ speeches  3  4  BIS central bankers’ speeches  BIS central bankers’ speeches  5