Kocherlakota is one of the most dovish FOMC members, he doesn’t currently have a vote:

  • Fed needs to improve communication on policy
  • Zero-rate pledge has been a very ‘useful’ easing tool
  • Federal deficit problem is biggest at the end of the decade
  • A reduction in Fed bond buying may not mean as much as people might think

The final comment is telling. If one of the most dovish Fed members isn’t worried about a taper, there won’t be much opposition on Sept 18.