The move in global stock markets after the FOMC announcement, and Chairman Bernanke's speech to reporters, has been brutal. The Dow is off almost 4% since he spoke and answered questions. For those who thought that the stock market was at all-time highs due to an improving economy and strong fundamentals, may need to think again.
Probably fair to say at this stage that stocks, like most bonds, were fueled by monetary stimulus.
What will play out now, I am not sure, but I do know that the demographic story will be a large part of it as it drives investor preferences to various asset classes. (For a hint on what asset classes I think investors will desire, see my blog comment below on 06/13/2013).