The past few weeks have given us a hint of what might happen when the Federal Reserve starts to reverse its super-easy monetary policy — expect turbulence in financial markets, especially for assets that have moved far above normal or reasonable valuations, Bloomberg writes. 

A return to normality eventually implies a benchmark 10-year Treasury yield of 4% or more. It won’t happen all at once, but that’s where we’re heading. With yields at roughly 2.2%, there’s a long way to go. This transition will mark a recovery of the equity culture and the cooling of investors’ protracted love affair with bonds.