The report "Developing Trends: July 2013" by the World Bank's Development Economics Prospects Group discusses how global financial markets were affected by statements from the US Federal Reserve. Investors reacted to the possibility of the US QE program being scaled back earlier than expected, leading to a sell-off in markets. This caused US treasury yields to rise, stock indexes to fall, and emerging market bond issuance to decrease significantly. However, after another Fed statement, market expectations of early QE tapering were tempered, leading to a reversal of some trends. US treasury yields declined, stock markets bounced back, but developing country stock markets were still affected by challenges in countries like China, Brazil, and India.