Seriously surprised? $spy

Interesting to see the market react to Yellen's comments around the purchasing (prob to end in the fall) and rate hikes (start increases 6 month after, so in 2015).

Anyone paying attention the last two meetings could of figured that out. $10b reduction a month gets you to fall. Then rates rise. 

Sometimes the bigboys and their "surprises" make me laugh.

Although, based on the employment data, I would say she is being dovish by expecting fall to be the end of purchasing. If the fed would go by the unemployment rate, there really should be an end by late spring / early summer. (But she clearly squashed the notion of the unemployment rate as the trigger.)