• Own expectations were about 60/40%
  • Difference between none and $10 billion taper is not a big thing
  • 7% unemployment rate is not a commitment. Bernanke put it in as sign post
  • October Fed meeting may be a “live” meeting, i.e accompanied by press conference
  • Small taper possible in October
  • Doesn’t see any problems in continuity if Yellen takes Fed chair

Dollar taking the talk of a taper at the next meeting to the bank. Here we go again