June 20, 2013 -- 5:24 p.m. EDT -- NEW YORK (Reuters) -- Global equity markets, bond prices and commodities fell sharply Thursday in a deep selloff, a day after the Federal Reserve said the U.S. economy was growing strongly enough for it to begin slowing its unprecedented stimulus.
The Fed's bond-buying program, known as quantitative easing, has lifted both the U.S. economy and world financial markets by pushing interest rates to historic lows.
But comments by Fed Chairman Ben Bernanke on Wednesday, when he laid out a likely end to the program by next year if the economy strengthens further, brought a dose of finality to the markets.
"The market has had its safety blanket taken away," said Chris Wyllie, chief investment officer at wealth manager Iveagh Ltd in London.
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