“We believe that both the market and the Fed will be much more concerned with how the balance sheet normalization will go and we expect the Fed to begin the normalization sometime before the end of the year,” says Brett Ewing, chief market strategist for First Franklin Mortgage, in a statement. “It will likely use the remaining two press conferences to focus on questions the market may have.”
http://www.mortgageorb.com/fed-begin-quantitative-tightening-relatively-soon