From CBS News:
"The Federal Reserve is becoming increasingly aggressive with the monetary policy tightening campaign it started so hesitantly in December 2015, and the next phase of this campaign -- reversing its “quantitative easing” program -- could start soon.
"Another wrinkle to the story comes from Oxford Economics, which noted that the Fed’s task is made more difficult by the uniqueness of this business cycle: Growth has been tepid as the scars of the financial crisis have often festered instead of healed. Job and wage growth has been underwhelming, for instance.
"As a result, compared to past rate tightening campaigns, the Fed is starting this one very late in the cycle and from a very low interest rate base. It’s hard to exaggerate the risks of a policy mistake. And thus, Oxford has warned clients of the very real potential of a “severe market reaction” that could push interest rates dramatically higher and pressure equity and commodity valuations."