I’ve had this on my bulletin board for 5 or 6 years. It’s from former St. Louis Fed President William Poole.

Poole believes people in the press and financial markets are usually asking the wrong question. ‘What is important is not the policy action at the next FOMC meeting,’ he said, ‘which is typically what people want to know, but the policy regularity that will extend across many FOMC meetings, which is what people should want to know.’

The market is growing obsessed with the taper (yes or no) and the size of the taper ($10B or $15B) but in the bigger picture the reasons for the taper (financial risk vs jobs improvement vs inflation) and the timeline to complete the taper (mid-2014) are the important questions.