It ought to be the clearest sign yet that the crisis is over.

The Wall Street Journal’s Fed-Watcher-In-Chief Jon Hilsenrath has told us that the U.S. central bank has ‘mapped out’ a way to dial back its mighty $85 billion-a-month bond-buying program.

We don’t yet know precisely how and we don’t yet know when. It’s likely to be an achingly gradual process, hostage to the chicanes of monthly data and the Federal Reserve’s understandable desire not to scare the markets’ horses. They are now all-too-accustomed to their vast monthly nosebag.