Markets had been talking about “lift off” since the Fed “taper tantrum” in May 2013. But because until 2014, the Fed had only moved to end QE and not actually raise rates, markets kept on “pushing the envelope,” so to speak, in terms of maximizing the benefits of low interest rates.
However, I would wish to re-iterate as stated last year that central banking is not for the faint of heart as Alice Rivlin so aptly said, “The job of the central banks is to worry”.