Federal Reserve Chairman Ben Bernanke sent bond yields a whole percentage point higher by just talking about a slowing of quantitative easing, Bloomberg reports.
The news agency added:
"The rout serves as a warning to monetary policy makers that their exit from record accommodation won’t be easy to control. The jump in yields has pushed up the cost of mortgages for millions of Americans, curbed demand for homes and prompted thousands of job cuts at Bank of America Corp. and Wells Fargo & Co., all at a time when the Fed’s policies are aimed at creating jobs and supporting housing."
