Multi-asset managers have been hiking their cash weightings after a rocky start to the year for global equity markets.
The latter half of 2013 saw some of the most bearish market participants capitulate and confess they were turning more bullish, unable to resist the pull of soaring equity markets.
Japan's Nikkei has dropped another 2.5% overnight as equity markets move further into the red following a fresh tapering announcement from the US Federal Reserve.
Economist and founder of Capital Economics Roger Bootle has said quantitative easing (QE) is not the "inflation danger" people should be worried about - the focus should be on the intentions of the government.
Janet Yellen has been voted in by the US Senate to become the first woman to lead the Federal Reserve.