Salient to Investors:

44 percent of economists see the start of tapering in September, 15 percent in October, 28 percent in December, and 13 percent not until at least 2014, while 44 percent expect the Fed to halt bond buying entirely in June 2014.

Chris Rupkey at Bank of Tokyo-Mitsubishi UFJ said it is a reminder to global investors that QE is in fact going to end one day.

James Bullard at FRB of St. Louis said the Fed inappropriately timed their decision to lay out a plan to taper, and should have waited for tangible signs that the economy was strengthening and inflation was returning to target.

The Fed forecasts growth of as much as 2.6 percent in 2013 and 3.5 percent in 2014. The median private forecasters expects 1.9 percent growth in 2013 and 2.7 percent in 2014.

Jonathan Wright at Johns Hopkins University said the impact of tapering is largely reflected in prices of financial assets, while saying that the Fed will taper later this year is risky when the economy is only just gaining a bit of momentum.

Economists assigned Janet Yellen a 65 percent chance of becoming Fed Chairwoman, Timothy F. Geithner was given a 10 percent chance, and Lawrence Summers was given a 9 percent chance.

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