Rhetoric coming out of the European Central Bank, and central banks of Canada and the UK has sparked a global bond selloff, as markets try to pre-empt tapering of stimulus measures.

Comments from policy makers have hinted that others will follow the US in rolling back bond purchases, but signals have not been entirely clear. Investors are still digesting signals, with the euro taking a brief dive Wednesday on news that Mario Draghi’s unexpectedly hawkish remarks were misinterpreted, only to recover later.

“Central bank rhetoric has bond markets in a spin,” Société Générale strategists were quoted by the WSJ as writing Thursday.