“QE maybe tapered within the next few meetings”, Ben Bernanke's words on May the 22nd, since then the Nikkei has entered a bear market, and global equities have shown increased volatility.

Saxo Capital Market Chairman Nick Beecroft tells Saxo Bank's Sara Walker, next Wednesday is a critical point for the markets. He says the FOMC needs to give more clarity about its plans.

Until then Nick says the only way to play it is “be defensive”