...The Chairman’s statement that caught our attention and that we could see exciting markets was "And I guess the final thing I would say in terms of risks of course is that we have seen some tightening of financial conditions, and that if, as I've said and as I said in my press conference and other places that if financial conditions were to tighten to the extent that they jeopardize the achievement of our inflation and employment objectives then we would have to push back against that." There is nothing like a clear affirmation of the “Fed Put” to create another round of risk taking and aggressive behavior in the markets. The simplistic interpretation is that the Fed will never take away the accommodation, because the central bank cannot let markets “tighten,” which is a euphemism for go down.
Hoosier's note: "we have seen some tightening of financial conditions"...in English, "we have seen the markets falling".
It looks like Bernanke wants the cake and eat it or to have the best of both worlds, i.e., to taper with the markets continuing to surge at the same time.