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CNBC survey: Jobs data slightly pushes back Fed tapering expectations

Wall Street's expectations for a Federal Reserve tapering this month have been shaken a bit but not drastically changed by Friday's jobs report for August.

Almost 60 percent of the market pros responding to a CNBC Flash Fed Survey launched just after the government's data were released said it is "somewhat less likely" the central bank will announce a slowdown in asset purchases after its September 17-18 meeting.

But a plurality of 43 percent still expect a September tapering, although that's down from 48 percent in the CNBC Fed Survey conducted in late July

Nearly 30 percent now say an October tapering announcement is "somewhat less likely" but roughly a third of the 50 economists, strategists and money managers participating in the survey said a December taper is "much more likely" or "somewhat more likely."

Seventy-four percent see a Fed tapering in September or October, up from 60 percent in the July survey.

Among the respondents, the average forecast for tapering to begin remains November.

(Read more: Jobs report tempers mortgage rates)

The market has lowered its expectations for the reduction in asset purchases during the first month of a taper to $12.6 billion from $22.1 billion reduction in the July 5 survey.

The new survey also shows Wall Street believes more of the ultimate impact of tapering is already factored into the markets.

Respondents say 81 percent of the fallout from tapering is already priced into Treasurys, compared to 66 percent in late July.

Seventy-three percent of the effect is now reflected in stock prices, up from 58 percent.

(Read more: Next interest rate hike: Oct. 2014?)

For the first time this year, forecasts for stock prices are coming down. The average forecast for the benchmark S&P 500 stock index at the end of the year is 1709, down from 1751 in the July 30 survey.

That's still, however, an increase of about 2.8 percent from where it is trading now.

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