The Tapered Taper Caper

With Janet Yellen at the helm, it’s Full Speed Ahead on QE:

The ultimate question: Does the granddaddy of all central banks still have control?

With the Federal Reserve due to make a monetary decision at 2 p.m. today, its yearlong dance with a global market obsessed with its fine-tuning of U.S. monetary liquidity arrives at an extremely difficult phase — an especially awkward pirouette, perhaps.

Does the Fed press ahead with its plan to remove another $10 billion from its monthly bond-buying program and so maintain an image of predictability in a sea of tumult? Or would that risk an even bigger panic by investors, who fret about the end of a long period of near-free money, and force it to make a credibility-challenging reversal in the days or weeks ahead?

Sharp VodkaPundit Readers™ have been expecting unending loosey-gooseyness since Yellen got the nod last fall.

QE today, QE tomorrow, QE forever.