The Fed has announced a schedule to stop, yes stop, their bond purchases. Is it the end of the world?
All along, my thinking has been that they couldn't stop buying bonds because there was no one else out there to sop up the roughly $600B of new bonds the government is issuing every year - about $50B per month. If there's no demand for short-term Treasuries which are practically zero percent investments, then interest rates are going to have to rise until it's worth buying the things.
I'm less pessimistic than I have been in the past, not because the fundamentals have changed, but because all of the predictions of doom I've read have yet to come true. That last is the classic profile of the late-to-the-party sucker who gets drawn into investing in a bubble right before it pops.