Investors may be right to anticipate that no bombshells will emerge from the Federal Reserve meeting this week—but as they look into next year, it will be very difficult to predict when the Fed will begin to taper its quantitative easing program, Jon Hilsenrath told "Futures Now."
"The fact of the matter is, we just don't know," when tapering will begin, said Hilsenrath, The Wall Street Journal's chief economics correspondent. "It depends on how the economy does."
The Federal Open Market Committee meeting will begin on Tuesday, and on Wednesday, the Fed will release its first statement since Sept. 18.
In its September statement, the Fed surprised many investors and Wall Street firms by announcing that it would maintain its $85 billion pace of monthly bond buying, rather than begin to taper that down as many anticipated.
(Read more: March 2014 most likely date for tapering: Goldman)
Hilsenrath says there's a problem with forecasts such as these.
"You could say March taper if you know what kind of growth we're going to get over the next few months, and if you know what kind of employment gains we're going to get," he said. "In other words, if the economy grows pretty well, and if we get a pickup in job growth, they could start pulling back sooner."