There is a taper coming but there is no tantrum - it sort of contextualizes what has happened absolutely correctly because the taper is coming and that was a clear message from the Fed Chair Jerome Powell's speech, but he did keep a lot of optionalities out there in his comments, so as to keep the market guessing. He also, of course, delinked tapering to interest rate increases.

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Here’s what the top Wall Street banks are making of what the Fed Chair said at the Jackson Hole symposium.

JP Morgan said, “The Fed chair Powell’s Jackson Hole speech didn't break any new ground in the tapering timeline debate. Tapering is coming, but Powell’s remarks remind us that the Fed leadership is still very much more dovish than the regional Reserve Bank presidents.”

Also Read: Jackson Hole Economic Symposium: Place where central bankers meet; here's why global investors are interested

Goldman Sachs said, “We continue to believe that the FOMC’s intention is to provide advance notice in September and formally announce the start of tapering in November, assuming all goes reasonably well by then.”

Citi said, “Fed chair Powell’s testimony provided little new information or guidance on the path towards tapering, leaving all meetings live for an announcement, including the one in September.”

Also Read: Fed may announce tapering in September; upbeat Wall Steet positive for EMs: Wells Fargo Investment

Morgan Stanley said, “While Powell indicated that the taper decision may this year. He did layer in enough dovish discussion about the transitory nature of inflation to draw a distinction between the decision to taper and the implications for when they will be rate increases.”

This is what Wall Street's big global banks are making of the Fed speech, and certainly, there is no tantrum at this point in time.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.