Three reasons why the Fed needs to taper now

Carol Roth, CNBC contributor
The Federal Reserve
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Who would have thought that the Federal Reserve would create enough drama in one week to be in contention for a Lifetime original movie?

First, there was the unexpected news of Larry Summers withdrawing his name from consideration for the chairman position on Sunday afternoon.

Now, all eyes and ears are on the Fed meeting Wednesday, anxiously awaiting the word on whether the Fed will commence cutting back on—or "tapering"—its massive amount of monthly asset purchases.

It's time for the drama to end and for the U.S. markets and the economy to get back to some sense of normalcy—and that starts with the Fed removing its intervention in the market.

Here are three of the reasons why the Fed needs to begin tapering immediately: