Following yesterday’s meeting, the Fed suggested that tapering of its monthly purchases of Treasuries and MBS could begin as early as fall. But, with this morning’s softer than expected 21Q3 GDP growth number of 6.5% as opposed to the 8.5% expected, I highly doubt it. GDP is now above its 12/31/20 level, but 2.4% smaller than it would have been absent Covid-19, and payrolls remain 4.4% below their pre-Covid level.