Tapering Arrives

So far markets haven’t much responded to the long-dreaded announcement by the Federal Reserve Board today that it plans to “taper” stimulative bond-purchasing in January. It is, to be sure, a slow “taper,” from $85 billion to $75 billion. But still, with the economy remaining shaky and fiscal stimulus pretty much off the table, it’s a big move. Let’s hope it’s not accompanied by panic and that Ben Bernanke makes it clear the Fed’s not going all austericratic on us.

Support Nonprofit Journalism

If you enjoyed this article, consider making a donation to help us produce more like it. The Washington Monthly was founded in 1969 to tell the stories of how government really works—and how to make it work better. Fifty years later, the need for incisive analysis and new, progressive policy ideas is clearer than ever. As a nonprofit, we rely on support from readers like you.

Yes, I’ll make a donation

Ed Kilgore

Ed Kilgore, a Monthly contributing editor, is a columnist for the Daily Intelligencer, New York magazine’s politics blog, and the managing editor for the Democratic Strategist.