Wall Street needs to start worrying about a key change in Fed policy

The Fed's plan to shrink its balance sheet gradually may have greater market impact than expected. The planned $450 billion reduction in the Fed's assets between last month and the end of 2018 could be equivalent to a full percentage point interest rate hike, according tothe Council on Foreign Relations'Benn Steil. That's a lot more than markets are pricing in, and it could lead to turbulence he says. St. Louis Fed President James Bullard tells us why he believes the effect of bonds rolling off ...