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To: ajtj99 who wrote (2119)	8/26/2021 3:32:14 PM
From: Sun Tzu	Read Replies (1) \| Respond to of 10513

I don't know if that is what it means. Powell does not like to surprise the market. If Ballard's call is to be heeded, they will still begin near the end of the year at an increasing pace that will be done by April. To me the most significant part of that call was we now have a hint of when the end date will be. There has been speculation about the pace of the tapering, and Ballard is putting some parameters around it. And as I said, I don't think that pace is priced into the market.