As Janet Yellen takes stock before a speech in Massachusetts, she’ll find turbulent global markets and investors desperate for direction.

The MSCI All-Country World Index has fallen every day since the Federal Reserve, led by Yellen, held off from raising interest rates for the first time since 2006 last week. European stocks slid 1.5 percent on Thursday and emerging markets declined. South Africa’s rand approached a record low and the Norwegian krone tumbled after a surprise rate cut. Treasuries climbed on haven demand.

From commodities to emerging-market currencies and equities to high-yield debt, markets have sold off since Yellen said policy makers kept rates unchanged in light of heightened uncertainties abroad and the slightly lower expected path for inflation. Fed fund futures show traders now see a 50:50 chance of a rate increase in January at the earliest, compared with odds calling for a liftoff by year-end before the decision.

“The Fed’s inaction has a number of unintended consequences that led to increased uncertainty and volatility,” said Richard McGuire, head of rates strategy at Rabobank International in London. “By not doing anything, the Fed is probably forcing other central banks to take action to ward off deflation risks. Yellen is caught between a rock and a hard place.”

Read the article “Markets in Disarray Await Yellen as Emerging Stocks Drop” on bloomberg.com.