Janet Yellen has suggested that it will be only six months or so after the withdrawal of QE - and at the rundown rate of US$10 billion per month that will be done by September - that we should expect to see the Fed raising its interest rates. Guidance that far forward has rattled some market observers, but she is confirming the cheap money era is ending. Bankers and the highly leveraged may not like it but rates are going up worldwide.