'Verging on the incredible': Reactions to Bernanke's bombshell

The Federal Reserve has been accused of ‘making policy on the fly' after it opted not to taper its quantitative easing programme at its monthly meeting yesterday.

The decision, a major surprise to most market participants, has led economists and investors to reassess views on the eventual full-scale withdrawal of US QE and the timing of future US rate hikes. A few suggest the move may only delay tapering until October's meeting, but the consensus now seems to point to the withdrawal of stimulus starting in December. Some, such as analysts at BNY Mellon, suggest that even the December date is now in doubt. Here, fund managers give their reaction to last night's shock decision. Trevor Greetham, head of asset allocation at Fidelity: One o...