What a difference two weeks makes.
In mid-September, the markets were certain that the Federal Reserve was about to start tapering its quantitative easing program. But the Fed surprised investors on Sept. 18 by maintaining the pace of asset purchases, and quite a bit has changed since.
Both the government shutdown and the weaker-than-expected ADP jobs number have given the Fed solid reasons to be concerned about the recovery. And before you say that the jobs number was only the ADP number rather than the official Non-Farm Payrolls measure, remember that the shutdown means we won't get the official government number Friday, so the ADP number is all we have to go on.