There is not one single authoritative voice about when to start tapering or what dollar amount the extent of tapering should be reduced. There are many voices at the Fed itself, in the groves of academia and in political circles, all contributing to the confusion and the backing and filling of bond and stock prices, all being followed by the media as if it was some popular sporting event. I've even heard one thoughtful authority prefer no further action until Bernanke's successor is in power. The s0-called experts have been discrediting Bernanke's QE policy in abstruse and incomplete academic treatises. I very much doubt they prove the case against QE or the case for taper.
|