The market action this past week clearly demonstrates the extreme sensitivity to any news related to the U.S. Federal Reserve. Many market participants are taking a step back before the latest rates announcement from the FOMC.
The Fed last week suggested that quantitative easing would come to an end possibly as soon as the end of the year. That statement sent global markets reeling and U.S. interest rates climbing. The "house of cards" has come to fruition and the loss in values will take some time to mitigate.