John Mauldin's Out of the Box newsletter contains a very good discussion of the implications of the recent non-taper by the Fed. I am not authorized to reproduce so here is the link
Uttin on the Itz
The article is written by Ben Hunt of Epsilon Theory and covers the questions raised by the recent action and the problems it poses down the road. I have written repeatedly that transparency for the Fed is only a strategy when easing rates and trying to clarify the picture of the future so as to encourage risk taking
in a weak environment. But transparency is not desirable when it is time to tighten (or ease the easing in current parlance). I believe Bernanke wanted to pop what had become a bubble in the fixed income markets
in order to balance the market a bit before actually tightening so as to reduce scramble to safety which very likely was going to have a "Fire in the theater" type of response.
Mr. Hunt's view is slightly different and worth reading. ( His essays are always worth reading.)
As an aside I would like to say John Mauldin's Outside The Box is consistently interesting and available at the perfect price. If you do not already, you should subscribe.