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The shakeout in stocks is likely to continue, as investors worry there is too little proof the economy can accelerate enough to counterbalance the Fed's reversal of its easy money policy.
It wasn't the jobs number that sucker-punched the stock market Friday and continued to pound stocks Monday; March nonfarm payrolls were just what was expected. But the 192,000 jobs was not a blow-away number that proved winter weather was behind the several months of weak data.
Meanwhile, the Fed should remain on track to pare back its quantitative easing program, and it is expected to take another $10 billion off its bond buying program at its meeting at the end of the month, bringing its monthly purchases down to $55 billion.