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So I think the market action that we saw this week reveals that the markets have pretty

much fully priced in the Fed taper to the extent that we ever actually get a taper.

I think the markets have fully priced any effects, at least the effects that they believe

may result from a taper into the markets, which means the tightening cycle to the extent

that the only tightening we end up getting is the tapering.

It's in the market.

So any impact that so-called tightening might have on the markets, on bonds, on gold, on

the dollar, that I think that has been discounted into those markets.

And so in other words, when the Fed finally begins to taper, it will not affect the markets

in the way people think because those expectations have already been priced into those markets.

In other words, if we actually get a taper, it is more likely to be a buy the rumor sell

the fact.

And so what has been the anticipation in the markets?

...