Once again, the Federal Reserve has upended markets.

Investors had been bracing for the Fed to keep raising interest rates and shrinking its vast portfolio of assets, the equivalent of tapping on the brakes of the United States economy.

But this year, the central bank has signaled that it was backing off.

Much has been written about the stock market’s joyful reaction to the Fed’s altered approach. But the impact was much broader than that. The central bank’s shift cascaded through markets around the world in ways large and small.

Here’s a look at the consequences of the Fed’s new tone.

The Fed’s change of heart helped halt and partly reverse December’s brutal stock sell-off. On Dec. 24, the S&P 500 was down nearly 20 percent from its recent high.