By 'winding down', they mean e.g. the FED would possibly think about reducing their purchases of bad paper/bonds from 1 Trillion dollars a year, to what? 900 billion? Less? Can you  ever imagine the FED, the buyer of last (and now first) resort actually becoming a net seller of 2+ Trillion dollars of inventory? What would interest rates be? 50%?

Previously, in Open Market operations, the FED would sell paper to raise interest rates and cool off the economy, buy paper to lower them and heat things up a bit (i.e. inflate). What they do now has no resemblance to what their role was before, and this latest example of an 'official' leak to talk the market down is something that used to be known as 'jawboning' - which, by the way, never worked, but at least they used to try to do it in public.