taylor: joining us now is gershon distenfield and george rusnak. george, let me start with you. the fed is talking about tapering even though a few months ago, i thought we were not even thinking about thinking about thinking about tapering. where you surprised? george: i was happily surprised. they should be talking about tapering. keep in mind, what are we talking about? we are not talking about tapping the brakes. we are talking about letting off of the gas and little bit. when you are buying $120 billion per month, you should be starting to talk about tapering. the timing around that is probably going to be around august, maybe in september and maybe toward the end of the year. if we do it sooner, that is better. it is important for investors to get in their minds, in the past where the fed has waited, they are waiting until they see inflation in the rearview mirror. that is the key point and the question is is the market going to allow them to do that. taylor: gershon, you have a similar point. you are looking at the fed to begin tapering. how does the market respond to tha