The latest from the Wall Street Journal’s Fedwatcher says that lowering Fed monthly purchases over time is not a done deal but it’s likely to be part of the exit strategy.

The story doesn’t add much but it sharpens the debate and reminds those worried about the end of QE that a change in policy is still in the distant future.

The fact that Fed officials are talking about tapering and exit doesn’t mean that they are about to turn off the spigot. Many officials still want to keep the Fed’s pedal pressed to the floor.