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For a long time, many analysts were proclaiming that the Fed would never
taper. But then it started happening. Then a lot of them started
talking about how "the untaper" was right around the corner. That
hasn't happened either. It looks like that under Janet Yellen the Fed
is quite determined to bring the quantitative easing program to a close
by the end of this year. Up until now, the financial markets have been
slow to react because there has been a belief that the Fed would reverse
course on tapering the moment that the U.S. economy started to slow
down again. But even though the U.S. middle class is in horrible shape, and even though there are lots of signs that we are heading into another recession, the Fed has continued tapering.
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