Recapping the day's news and newsmakers through the lens of CNBC.
Is tapering off the table? It's too soon to say that, but a reduction of the Fed's quantitative easing program, considered all but a done deal before the FOMC's September meeting, may not come this year at all—or early in the New Year, either—some experts insist.
Weak economic data and President Obama's nomination of Fed Vice Chair Janet Yellen to succeed Chairman Ben Bernanke are factors. It would be poor form for Bernanke to stick Yellen with a new policy as he heads for the door. And since Yellen has supported the QE program, there's no reason to expect a big change from her right out of the gate.
"Let's be absolutely clear—everyone already knew that [the next Fed chair] was going to be Yellen. That was already baked in the cake when they had the FOMC meeting [in September]. She was the de facto next Fed chairman at that point..... [Bernanke said, effectively:] 'You'll decide when to taper.'"—Mary Beth Fisher, head of U.S. rates strategy at Societe Generale