Owing to these events, together with the reactivation of the search for yield, credit spreads compressed and their dispersion fell to unusually low levels, volatility in all asset classes was supressed and capital flows seemed to recover. But market conditions started to change considerably for the worse at the beginning of the second half of 2014.
Again, events in the United States and the Eurozone were important  BIS central bankers’ speeches  9  triggers. As the QE tapering was coming to an end in the United States, widespread speculation about potential dates and modalities of the policy rate lift-off from the zero lower bound became destabilizing, leading to higher US rates.