NEW YORK ( TheStreet) -- Federal Reserve Chairman Ben Bernanke provided the clarity markets wanted on Wednesday; it was just not the answer they wanted to hear.In spite of the many reasons analysts cited about why the Fed should continue its easing measures, Bernanke stated that the bond-buying program would start to wind down later this year. This policy choice had global ramifications. Emerging markets and sectors tied to economic growth were dependent on the low rate environment and troves of easy money flowing their way. Upon the news, these assets sold off and have continued to trend downward as the negative sentiment builds. The first chart below is of Barclays 1-3 Year Treasury Bond Fund ( SHY) over Barclays 20 Year Treasury Bond Fund ( TLT), a measure of the Treasury yield curve. Long-dated Treasuries have been selling off as investors predicted that the Fed would start to wind down monetary stimulus. Although we remain in a low inflation environment and rates are expected to stay at record lows through 2015, markets are beginning to price in the long-term correction without added stimulus. By Bernanke stating that the Fed was choosing to create less artificial demand for long-dated Treasuries, investors sold off these assets. The curve should continue to steepen for a considerable time longer on fears of inflation.