NEW YORK ( TheStreet) -- The confusion around whether and when the Federal Reserve will start scaling back quantitative-easing purchases of Treasury and agency bonds has persisted for months.The Fed's designated leaker, The Wall Street Journal's Jon Hilsenrath, blogged last Thursday that the Fed will not raise rates for a long time but will only scale back. OK, finally, this ought to clear up things! Markets in all asset classes rallied: stocks ( SPDR S&P 500 Index ETF ( SPY)); bonds ( iShares Barclays 20+ Year Treasury ETF ( TLT)); and gold ( SPDR Gold Trust ETF ( GLD)). Notably, markets had gone up, with no discernible driver, before Hilsenrath's blog came out at 3:39 p.m. EDT at which point everything started going up with abandon. But, on deeper scrutiny, this only adds to the confusion about the market's expectation of and reaction to the Fed's future action. Any time that stocks, bonds and gold move in synch, you can be sure the driver is excess macro liquidity. This is the key difference between RORO (risk-on, risk-off) and TOTO (taper-on, taper-off). Since Hilsenrath pretty much confirmed that the Fed will taper, shouldn't the market panic?