How long until Fed tapering gets real? According to Fast Money trader Joe Terranova it happens on September 18th.
That's the second day of the next FOMC meeting when the Fed releases its statement and Terranova, chief market strategist for Virtus, fully expects to hear that the Fed will begin to reduce ongoing asset purchases.
"I think they have no choice," Terranova told us after Thursday's Halftime broadcast. "Europe is healing, China is improving. The Fed said they're targeting 6.5% unemployment and we're moving in that direction. They've got to start landing the plane."
Terranova doesn't believe it's even a matter for discussion anymore. "The only question that remains is, how much," said the top trader.
Of course, 'how much' is the proverbial $64,000 question. For professional traders like Terranova, that's the issue that either makes or breaks a trade.