U.S. ECONOMICS: Credit Suisse On FOMC Tapering - "Now Comes the Hard Part"

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Credit Suisse says it would be nice to think that, having taken this first step on the taper trail, the FOMC is now on a smooth $10bn/meeting glide path toward the end of QE3 sometime near the end of 2014. But the reality is that next year is likely to be quite a bit bumpier, it adds.

"The very economic conditions that would allow the FOMC to wind down QE3 smoothly are conditions that can be expected to cause some friction between the Fed's accommodative intentions and the markets' rate hike expectations," according to Credit Suisse.

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