Bank of America Corp. analysts say liquidity from the developed world's four major central banks will contract by $200 billion next year, driving volatility in the riskier markets that thrived under quantitative easing

Regardless of who's right, recent market turbulence may be a sign of what's to come.

The "market tensions we saw during this quarter were not an isolated event," Claudio Borio, head of the monetary and economic department at the Bank for International Settlements, said in a speech this month. "Policy normalisation was bound to be challenging."

https://www.nationalmortgagenews.com/articles/quantitative-tightening-is-already-rattling-markets-worldwide