I agree with everyone in this thread and it seems like no one knows what exactly to think so they are going back and forth without a clear path to follow.
Nor does anyone on the street in terms of when it will stop, but people know what's been happening. Bernanke is communicating the tapering process so by the time that tapering actually happens it will be priced in, avoiding a '94 scenario. The problem isn't the Fed tapering in the market right now, its the endogenous factors of players in the market selling.
A lot of players were negatively convex, the carry trade was stupid crowded, and the risk parity funds base their volatility targets on historical correlations. When rates rise the negatively convex have to de-risk, the carry traders have to unwind, and the parity funds have to sell to stay within their volatility targets. When all three of these happen you create a huge sell-off exacerbated by positioning and technical factors. Rates should rise, but not by this much.